SASEC
- INTERNATIONAL
News:
Bashundhara Bitumen being
used in SASEC-2 project
What's
in the news?
●
Polymer-modified bitumen manufactured by
Bashundhara Oil and Gas Company is being used for carpeting of Dhaka-Rangpur
highways as part of the second phase of the South Asia Subregional Economic
Cooperation (SASEC) project.
South
Asia Subregional Economic Cooperation (SASEC):
●
The SASEC is a project-based partnership that is designed to promote regional
prosperity by facilitating cross-border connectivity, boosting trade, and
strengthening economic cooperation.
Members:
●
Key countries in the SASEC are Bangladesh,
Bhutan, India, Maldives, Myanmar, Nepal, and Sri Lanka.
Nodal
Authority:
●
The Asian
Development Bank (ADB) serves as its Secretariat, lead financier, and
development partner.
Aim:
●
To increase
intraregional trade and cooperation in South Asia and develop connections
with Southeast Asia, China, and the global market.
India
and SASEC:
●
In India, SASEC will upgrade approximately
312.5 km of state highways and major district roads in Assam, including 6 road
sections across the western, central, and southern regions.
Priority
Sectors:
SASEC countries agreed on
priority sectors for investment and coordinated action
1.
Transport:
●
SASEC aims to put in place the critical
multi-modal transport networks that will enhance intraregional trade and
investment in the subregion and, in turn, boost economic growth.
●
SASEC works to strengthen road, rail, and
air links, as well as developing port infrastructure to match the needs of the
region’s growing economies, and to support the SAARC transport corridor
network.
2.
Trade Facilitation:
●
SASEC is helping speed up the time and
reduce the costs of trading across borders throughout the subregion.
●
Regional SASEC trade facilitation
initiatives are creating modern customs administrations that are compliant with
the terms and provisions of the Revised Kyoto Convention, streamlined and
transparent cross-border trade regulations and procedures, and improved
information and services for the private sector.
3.
Energy:
●
SASEC is working to improve energy access
and security in the region by developing essential infrastructure and promoting
intra-regional power trade to reduce costs and import dependence.
●
SASEC energy initiatives focus on
renewable energy.
4.
Economic Corridor Development:
●
SASEC is promoting synergies and linkages
between economic corridors across SASEC countries to optimize development
gains, including industrial growth and competitiveness, the creation of
high-quality jobs, increased productivity, and the strengthening existing value
chains.