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Sunday, 11 September 2011

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SAARC to create an economic union

Senior Minister of International Monetary Cooperation Sarath Amunugama addressed the first South Asia Forum, as the leader of the Sri Lankan Delegation in New Delhi on the theme '25 years of SAARC Achievements and Challenges'.

The special Ministerial Sessions which included ministers from SAARC member countries was chaired by the Deputy Chairman of Planning Commission of India Dr. Montek Singh Abhuwalia.

The objective of the South Asia Forum was to advance economic interests with the integration of South Asia - Moving towards South Asian Economic Union.

Senior Minister Amunugama in his address expressed condolences over the bomb blast which killed dozens of people in New Delhi a couple of days ago. He further accentuated that Sri Lanka experienced ruthless and heinous terrorism for nearly three decades, until it was comprehensively eliminated and annihilated by the Government of President Mahinda Rajapaksa in May 2009.

Minister Amunugama impressed upon the vitality to address terrorism, extremism and separatism in South Asia, without which regional stability cannot be achieved.

He corroborated by stating that economic advancement and integration would not take place without regional stability, thus underscoring the importance of addressing terrorism and related issues.

He said that with the dawn of permanent peace and stability in the country, the GDP growth has risen to over eight percent and economic and commercial activity are growing, particularly tourism.

He quoted a compelling and cogent example of the construction of the Port of Hambantota, which is the most strategic location as the busiest sea lane in the world is only 15 nautical miles away from Hambantota.

He said before he landed in New Delhi, an agreement to construct a power plant in Sampur in the East of Sri Lanka, was signed with the Government of India.

Minister Amunugama expressed the need to focus on key elements, in the sphere of economic integration, leading to an economic union, such as energy, connectivity, creation of employment, alleviation of poverty, intra-regional trade and investment and people- to- people contact among others.

These elements are crucial to achieve integration and economic advancement leading to the creation of an Economic Union in South Asia.

Minister Amunugama and the delegation were hosted to a dinner reception by the External Affairs Minister of India S.M. Krishna, during the three-day Forum. Minister Amunugama is scheduled to meet several Ministers, both from SAARC countries and from India.

Former Secretary General of SAARC and Foreign Secretary, Ambassador Nihal Rodrigo and the Executive Director of Institute of Policy Studies of Sri Lanka Dr. Saman Kelegama also addressed the Forum.

The Lankan delegation consisted of Senior Officials of the Government, Business Chambers and academics.

The key recommendations of the South Asia Forum will be submitted to the 17th SAARC Summit in Male, the Maldives from November 10 to 12 to which President Mahinda Rajapaksa will be leading the Sri Lankan delegation.

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