BIMSTEC must seize opportunities for growth - Foreign Secretary

COLOMBO (News 1st); Sri Lanka's Foreign Secretary Admiral (Prof.) Jayanath Colombage has proposed that the countries in the region seize new opportunities for growth.

His comments were heard at the Senior Officials Meeting of BIMSTEC nations that took place on Monday (28).

"Asia is increasingly the center of the world economy. By 2040 the continent is projected to account for more than half of the global GDP and about 40% of the global consumption," he said.

Admiral (Prof.) Jayanath Colombage said that the Bay of Bengal has today taken center stage in international politics due to its economic and Geostrategic importance.

"The busiest international shipping route in the world lies in the Indian Ocean just south of Sri Lanka. About 40,000 ships ply this route every year and half the global traffic containerizing cargo and 75% of fossil fuel travels this area sea route," he stressed while highlighting the shipping routes in the region.

"We share a common cultural ethos, inspired by all the great religions of the world including Buddhism, Hinduism, Christianity, and Islam. This is the reason why BIMSTEC as an organization has been able to flourish and expand over the 25 years of this existence," he added.

"I propose that the BIMSTEC must seize the opportunities of new growth patterns and accelerate activities of trade and investment within our region," said Admiral (Prof.) Jayanath Colombage.