BIMSTEC to Map Mineral Resources in Bay of Bengal

Colombo, Jul 13 (PTI) Sri Lanka has emphasised the need to have a mechanism within the seven-nation BIMSTEC grouping to map the mineral resources found in abundance within the countries of the Bay of Bengal region.

This was proposed by Sri Lanka's state minister for foreign affairs Tharaka Balasuriya, who participated in the 2nd BIMSTEC Ministerial Retreat hosted by India on Thursday.

The Sri Lankan foreign ministry in a press release said the retreat, attended by the foreign ministers of the BIMSTEC countries, provided an informal platform to discuss ways and means of cooperating and accelerating action in security, connectivity, trade and investment within the Bay of Bengal.

During the retreat, Balasuriya underscored the need to have a mechanism within BIMSTEC to map mineral resources found in abundance within the countries of the Bay of Bengal region, the release said.

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) was established in June 1997. Sri Lanka is a founding member of the seven-member group which also includes Bangladesh, Bhutan, Myanmar, Nepal, Thailand and India.

The proposals during the retreat are expected to be submitted for consideration to the Heads of State at the upcoming 6th BIMSTEC Summit scheduled to be held in Thailand on September 4, the release said. Thailand currently holds the chairmanship of BIMSTEC.

Balasuriya further emphasised the importance of developing opportunities for the vertical integration of stages of production within specific sectors in the economies of the countries, enabling countries to diversify their production structure.

The state minister referred to the initiative of Foreign Minister Ali Sabry at the First BIMSTEC Retreat for the creation of an expert group on fiscal and monetary policy, and observed it would create a platform for the sharing of best practices within the region.

Balasuriya had meetings on the sidelines with External Affairs Minister S Jaishankar and Minister of Foreign Affairs of Thailand Maris Sangiampongsa.