"Global financial crisis, food scarcity, climate change and terrorism are serious challenges confronted by South Asia which need to be dealt with regional initiatives instead of individual approach." This was stated by Tariq Sayeed, President of Saarc Chamber of Commerce and Industry (Saarc-CCI) in his presentation at the inaugural session of the second economic summit.
'South Asia in the context of global financial meltdown, held in New Delhi on December 11, according to a message received here. Iftikhar Ali Malik, Vice-President of Saarc-CCI, would share private sector's perspective in the technical session: 'Special and differential treatment to Least Developed Countries (LDCs) in South Asia.
The Saarc-CCI President said that already faced with many challenges like food, fuel and energy scarcity, the financial crisis has broken the inertia of persistent economic growth of over 6 percent of South Asian region since 2000. Instant effects of global financial crisis have been witnessed in the form of negative growth and rising unemployment in Saarc member countries.
Xiaoyu Zhao, Vice-President (Operations), Asian Development Bank (ADB), in his address said that ADB was fully involved through technical and financial support to the projects relating to enhancement of regional connectivity and propel the process of economic integration of South Asia.
Dr Ajay Chhiber, UN Assistant Secretary General, UNDP Assistant Administrator and Director for Regional Bureau of Asia and Pacific, in his keynote address said that Saarc has immense potential which required to be explored through joint initiatives and appreciated the Saarc Secretariat for its initiatives towards regional integration like creation of 'Saarc food bank', 'Saarc development fund' and various initiatives to implement Safta in true spirit.
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