Cautions countries against unsustainable debt generated by unviable projects
AMN / WEB DESK
India’s External Affairs Minister Dr. S. Jaishankar has lauded Bangladesh for releasing its Indo-Pacific outlook and its respect for the 1982 UN Convention on the Law of the Seas (UNCLOS) as one of the elements of its 4 guiding principles and 15 objectives.
Delivering the keynote address at the inaugural function of the 6th Indian Ocean Conference in Dhaka on Friday, Dr. Jaishankar said that it is essential for the credibility of the global order that such foundational regimes are respected and scrupulously observed by all signatories.
Speaking about the Bay of Bengal countries, he said these countries have their particular aspirations and agenda. He said BIMSTEC is increasingly coming into its own and the countries of the region are cognisant of the challenges they face in governance, modernization, and security.
Highlighting the issue of unsustainable debt generated by unviable projects, Dr. Jaishankar said we can ignore these at our own peril. He said if opaque lending practices are encouraged which are at price points unrelated to the market, these are bound to bite back, sooner rather than later. He said that countries in the region are today confronting the consequences of our past choices. This is time to reflect and reform, not one to repeat and reiterate, said the External Affairs Minister.
Underlining the importance of connectivity, Dr. Jaishankar said the more we work on facilitating smooth and effective connectivity, the better off we all are. He however called for respecting sovereignty and territorial integrity while doing so. He said from India’s perspective, efficient and effective connectivity to ASEAN in particular will be a game-changer. India accords this the utmost priority, said Dr. Jaishankar.