MoU for regional integration and economic cooperation in SAARC regions
The SAARC Development Fund and SAARC Chamber of Commerce and Industry have signed a memorandum of understanding ( MoU) to jointly work together for regional integration and economic cooperation among the SAARC member states in Kathmandu on 14th of November 2016.
The Chief Executive Officer of SAARC Development Fund (SDF) Dr. Sunil Motiwal and Suraj Vaidya, President of SAARC Chamber of Commerce and Industry (SCCI) have jointly announced to work together for regional integration and economic cooperation among the SAARC member states through project collaboration and co-financing of projects under the three windows of SDF.
Both the organizations are committed towards the idea of promoting regional connectivity across the SAARC region by strengthening cooperation in the areas of transportation, infrastructure development and investment & trade through co-funding. The MoU was signed during the event “Unleashing SAARC- What it takes”. Dr. Motiwal was invited by SCCI as one of the key speakers during the event “Energizing SAARC: Creating synergies”.
The SAARC Chamber of Commerce and Industry was established in 1985, to bring about improve- ment in the business environment disseminate information about potential tradable goods and identify joint ventures in the SAARC region. The SAARC Secretariat commissioned a study on Trade, Manufactures and Services in 1988 which strongly supported to establish a SCCI. The draft Constitution of SCCI assisted by national federations was approved in December 1992. Presently all national chambers/ federations of the respective member countries serve as focal points to facilitate the SAARC CCI secretariat in Islamabad.
The SAARC Development Fund was established by the eight SAARC member states in April 2010 to promote the welfare of the people of SAARC region, improve their quality of life, and to accelerate economic growth, social progress and poverty alleviation in the region. The Fund is to serve as the umbrella financial institution for SAARC projects and programs which are in fulfillment of the objectives of the SAARC charter. SDF has three funding windows viz. social, economic and infrastructure.