India will play a catalytic role in reinforcing energy security of its neighbours, says the minister

Stronger economic cooperation between the South Asian countries will not only help the governments in meeting the inclusivity goals but also bring about sustained peace and security across the region. Stating this in his valedictory address on the concluding day of the South Asia Economic Conclave, organised in New Delhi by the Confederation of Indian Industry (CII) in cooperation with the Ministry of Commerce & Industry, Government of India, and the World Bank, Mr Piyush Goyal, Minister of State for Power, Coal and New and Renewable Energy, Government of India, said the regional economies could leverage the unique strengths of each other to drive growth and development in the region. He said that such a concerted effort will resonate with Prime Minister Narendra Modi’s vision of one-ness of South Asia.

Mr Goyal underlined the enormous potential for extensive energy cooperation between the South Asian economies. He made a mention of the strident progress achieved in India’s bilateral energy cooperation with Bangladesh, Bhutan and Nepal and the ongoing efforts to build similar engagements with Sri Lanka. He said that India has assured maximum support to Sri Lanka in fast-tracking the establishment of a 500MW power plant in Sri Lanka. He added that India has assured Maldives of all support to promote renewable energy development in the island nation.

Later while addressing some of the questions raised by the audience, Mr Goyal said that the SAARC countries could support each other in collectively meeting power-related challenges and to bridge the deficits caused by seasonality factors, etc. He acknowledged the grave concerns expressed over water management and said that all efforts have to be directed to conserve water resources in the region.

He suggested that a dedicated session on SAARC energy cooperation may be planned at the Reinvest 2016 meet that will be held during February 18-20, 2016. The minister assured the South Asian delegates that his ministry will open up opportunities for people of South Asian countries to receive skills training in India in the power industry. He also said that India’s public sector undertaking in the power sector as well as private sector power companies could offer apprenticeships to South Asian youth.

While stating that the developed countries should bear a large part of the burden for emissions reduction as per the ‘polluter pays principle’, Mr Goyal said that the South Asian countries should also come together for the reduction of carbon emissions and greenhouse gases.

Mr Onno Ruhl, Country Partner, The World Bank, said in his address that regional economic integration is a long-drawn process. It took perhaps 300 years for the EU to take its present shape. He said that World Bank will play an active part in catalysing the South Asian economic integration and could put up monitoring mechanisms for the same.

Mr Naushad Forbes, President Designate, CII and Director, Forbes Marshall Pvt Ltd, said in his opening remarks that greater people-to-people contacts will go a long way toward deepening the regional cooperation. He said that visas to travel across the region should be more easily available to the people of the region. He called for due measures to help businesses to set up their operations in each other’s countries.

Mr Chandrajit Banerjee, Director General, CII, said the task forces set up for South Asian cooperation in the areas of FDI flows, people-to-people contacts, trade and infrastructure, trade facilitation and energy development will serve as accelerators for deep regional cooperation.

New Delhi