Regional summit aims to counter globalization dangers

Leaders of Southeast and South Asian nations today urged quicker, closer cooperation in moving toward long-term economic goals as the best weapon to counter the perils of globalization.

"We need to be wise to the ways of globalization ... forge closer cooperation, finding our strength, turning adversity into prosperity," said Thai Prime Minister Thaksin Shinawatra as he opened the summit of a regional grouping known by the acronym BIMST-EC.

The summit is discussing ways to bring greater prosperity to the developing economies of member countries, which include Bangladesh, Bhutan, India, Nepal, Myanmar, Sri Lanka and Thailand.

Other leaders, including Myanmar's Prime Minister Gen. Khin Nyunt and Bangladesh's Prime Minister Begum Khaleda Zia, called on BIMST-EC to be more pro-active.

Topping the agenda are talks on tourism, traditional medicine and energy investment.

Also up for discussion are investment opportunities in aviation, transport and the technology sectors, exchanges of know-how and new opportunities in agriculture and fisheries.

The leaders agreed that tourism, emphasizing the region's rich cultural heritage, could be a top revenue earner.

Khin Nyunt said tourism could help alleviate poverty by creating job opportunities and higher income in rural areas.

The need to seek new sources of energy to meet growing demands in expanding economies was also emphasized.

BIMST-EC was initiated by Thailand seven years ago with the aim of enhancing the region's economic growth and gaining bargaining power in the global trade arena.

BIMST-EC members account for 1.3 billion people, or nearly one-fifth of the world's population.

The Bangkok meeting is the group's first summit.