MoU for re­gional in­te­gra­tion and eco­nomic co­op­er­a­tion in SAARC re­gions

Bhutan Times - - Home - Sonam Wangmo

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.

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