Talking also about the importance of the South Asian Association for Regional Cooperation (SAARC), Bhattarai said that BIMSTEC should not become a substitute of SAARC given its own distinct identity and nature in South Asia region.
Addressing as the chief guest of the event, Nepali Foreign Minister Pradeep Kumar Gyawali said that BIMSTEC holds a huge potential for physical connectivity as the Bay of Bengal region is bestowed with the abundance of natural, cultural and human resources.
"BIMSTEC is well positioned to make notable contributions towards advancing regional connectivity, linking SAARC and ASEAN. For a landlocked country like Nepal, BIMSTEC carries more significance. It bears the prospects for propelling economic growth by connecting the hinterlands of the Himalayas to the ports of Bay of Bengal," he said.
The foreign minister said that BIMSTEC countries can promote trade and investment by fostering intra-regional connectivity around the region.
"The leverage South Asia and South East Asia have will dramatically increase once the two regions are well connected and better integrated through BIMSTEC. South Asia will find its way into and across the Pacific whereas South East Asia will have easier access to Central Asia and Europe," he said.
On the occasion, Wu Yongnian, an expert belonging to Shanghai Institute of International Studies from China, viewed that a sincere comprehensive regional cooperation between South Asia and Southeast Asian countries under the framework of BIMSTEC can only build a long-term socio-economic development.
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