Prime Minister Narendra Modi on Wednesday announced longer business visas for citizens of the member nations of the South Asian Association for Regional Cooperation (SAARC), adding that a special funding vehicle will be created to finance infrastructure projects in the South Asia region.
Speaking at the SAARC Summit here, the Prime Minister pointed out that though trade between member nations has increased, it still only accounts for very little of the total trade of the South Asia region.
Keeping that in mind, he announced the launch of business visas of three to five years for SAARC nations.
Earlier in the day, Prime Minister Narendra Modi, asserting that a prosperous SAARC needs the strong foundation of a secure South Asia, urged all participating nations to work together to combat terrorism and trans-national crimes.
The Prime Minister also stated that India's vision for the region rests on five pillars - trade, investment, assistance, cooperation in every area, contacts between our people - and, all through seamless connectivity.
