Take advantage of global financial crisis for region's growth Prof. G.L. Pieris

South Asian leaders must take advantages of the global financial crisis for the future growth of the region, Export Development Minister Prof. G.L. Pieris said.

"Diversity is a source of strength for this region," Prof. Pieris told the roundtable on 'Global Economic shift to Asia' in Dhaka.

He said: "Intra-regional strength of investment might be a tool to tackle any kind of crisis where the South Asian countries would be able to extract reciprocal benefits."

Indian State Minister for Commerce Jairam Ramesh said, leaders of South Asian region should create an environment of faster investment flow into this region for reaping the benefits from global economic shift to Asia.

Ramesh, also stressed the need for regional integration through removal of trade barriers for future development of South Asia against the backdrop of the changed global economic scenario.

"We need a pluralistic democratic framework of the Governments in this region for future development," Ramesh said.

The roundtable was part of the International Business Conference (IBC), organised by Dhaka Chamber of Commerce and Industry (DCCI) to mark the Chamber's 50th founding anniversary.

Ramesh urged the Governments of this region with a population of 1.6 billion to boost spending on education, science and technology to turn the huge population into assets.

He suggested that connectivity, especially the economic connectivity, between the South Asian States should be increased for their economic development.

"Bimstec, Safta and Asean may be the pillars of such economic connectivity," Ramesh added.

"It's a great belief in India that the country can bypass regional globalisation. If India can't connect it regionally, the Indian globalisation may not be sustainable."

He said India removed non-tariff barriers on a variety of products of neighbouring countries to enhance trade and speed up investment flow.

The Indian State Minister said his country provided duty-free access to eight million pieces of readymade garments from Bangladesh and Sri Lanka.

Commerce and Education Adviser Hossain Zillur Rahman moderated the session.

The Daily Star