- Fullform: South Asia Subregional Economic Cooperation
- Introduction: SASEC is a regional initiative that promotes cooperation among South Asian countries for economic development through better connectivity, trade facilitation, and infrastructure development.
- Members: The member countries of SASEC include Bangladesh, Bhutan, India, Maldives, Nepal, Sri Lanka, and Myanmar.
- Focus Areas: The core focus areas of SASEC are:
- Transport: Improving cross-border transport and logistics infrastructure to enhance regional connectivity.
- Trade Facilitation: Streamlining trade procedures and reducing trade costs among member countries.
- Energy: Ensuring energy security and promoting cross-border energy trade.
- Economic Corridor Development: Establishing regional economic corridors to promote investment and growth.
- Role of ADB: The Asian Development Bank (ADB) is a key supporter of SASEC, providing funding and technical assistance to various infrastructure and trade projects.
- Strategic Importance: SASEC plays a crucial role in regional economic development by enhancing connectivity, reducing poverty, and boosting the competitiveness of South Asian economies. It aligns with initiatives like India’s “Act East Policy” and contributes to regional stability.
- Regional Integration: SASEC contributes to stronger economic ties among member nations by facilitating regional integration, improving infrastructure, and reducing trade costs, which enhances cooperation and growth.
- Significance
- Regional Infrastructure Development: SASEC focuses on improving infrastructure, particularly in transportation, trade facilitation, and energy connectivity in South Asia, contributing to economic growth and integration.
- Cross-Border Cooperation: It enhances cross-border cooperation between its members in South Asia, including India, Bangladesh, Bhutan, Nepal, and Sri Lanka, promoting shared development goals.
- Support from ADB: The Asian Development Bank (ADB) plays a key role in financing SASEC projects, ensuring sustainable development and poverty reduction in the region.