- Myanmar became the 7th member of South Asia Sub-regional Economic Cooperation (SASEC) program of Asian Development Bank (ADB).
- It was officially made member at the SASEC Finance Ministers’ meeting held in New Delhi.
- Myanmar’s membership in SASEC will offer host of opportunities for realizing synergies from economic cooperation in the subregion.
- Road corridors in Myanmar can provide key gateway between South Asia and Southeast Asia, while its ports can provide alternate routes and gateways to the landlocked northeastern region of India.
- It has the potential to unleash significant economic potential and bring better livelihoods to millions in the region after developing multimodal connectivity between India’s northeastern region, Bangladesh, and Myanmar.
- Transport linkages between South and Southeast Asia will also become more attractive to businesses once ongoing and planned motor vehicle agreements are finalized and implemented.
SASEC and Myanmar:
- Myanmar was having observer status of SASEC since 2013.
- Since 2014, it was participating in annual SASEC Nodal Officials’ meetings as an observer.
- It was invited by the participating countries of SASEC countries to become a full member in 2015.
- SASEC program is a project-based partnership to promote regional prosperity by improving cross-border connectivity, boosting trade among member countries and strengthening regional economic cooperation.
- It was established in 2001 in response to the request of the four countries of South Asia – Bangladesh, Bhutan, India and Nepal – from ADB to assist in facilitating economic cooperation among them.
- ADB is the secretariat and lead financier of the South Asia Sub-regional Economic Cooperation program.
- Till now, it has supported 46 projects worth $9.17 billion in transport, trade facilitation, energy and information and communications technology (ICT).
- Its seven members are Bangladesh, Bhutan, India, Maldives, Myanmar, Nepal and Sri Lanka.