Imphal, November 21: With technical assistance from the Asian Development Bank, a project has been mooted for the development of trade and investment in the North Eastern States including Manipur so as to reap the fruit of globalisation by ensuring a place in the global and regional market.

The Bank has also taken note of the potential of the region which is yet to be exploited due to lack of infrastructure and other risk factors.

Disclosing this to The Sangai Express, an official source said the DONER Ministry had communicated to the State Government seeking comments and suggestions on the proposed project to be taken up in collaboration with Asian Development Bank.

The new development is the outcome of a joint meeting held at New Delhi recently.

During the meeting, attended by representatives of Planning Commission and Ministry of Commerce, team leader of Asian Development Bank Dr Hans Peter Brunner had pointed out the inability of the North Eastern States to reap the benefits of trade and investment despite being neighbours to five foreign countries, China, Bangladesh, Myanmar, Bhutan and Nepal.

He also drew the attention of the private sector for evolving a liberalised trade policy in its approach towards the region.

The official said that during the course of formulating the project, the legal and constitutional constraints that hamper trade and export development in the North East region with the neighbouring countries would be taken note of.

The official further disclosed that all those who attended the meeting emphasised on the need for development of not just road communication, but also the existing airports and waterways in the region from the view point of cost of transportation of the finished products and their pricing.

Taking cognisance of the fact that the potential of the region has not yet been exploited due to lack of infrastructure and other high risk factors, the draft report prepared by the Bank included a proposal for setting up a body called North East India Finance and Development Facility for the required investment and technical support would be provided, the official said.

Towards finalising the proposed project, a workshop to be attended by representatives of Central Ministers, Indian Chamber of Commerce, Rubber Board, Infrastructure Leasing and Financial Services, ICICI Winfra and NEDFi was organised at New Delhi in July this year.

The matter was also taken up during the 53rd meeting of the North East Council held at New Delhi very recently sending out signals to all concerned to give the urgency it deserved for the early execution of the proposed project.

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