Sunday, November 13 2005 15:01 Hrs (IST) - World Time -

Dhaka: Observing that globalisation has created a 'wealth of new opportunities', Prime Minister Manmohan Singh has said it has also thrown up 'unprecedented challenges', which the SAARC countries should strive to meet collectively.

Speaking at the banquet hosted by Bangladesh Prime Minister Khaleda Zia here last night (Nov 13, 2005), he said India, which will host the 14th SAARC Summit next year, accorded 'highest priority' to development of the South Asian region.

"It is true that globalisation has created a wealth of new opportunities. But it has also thrown up unprecedented challenges," he said at the reception attended by leaders of other SAARC countries; Pakistan, Sri Lanka, Maldives, Bhutan and Nepal.

"It is only by harnessing the immense power of regionalism that we can collectively meet these challenges while simultaneously fully utilising opportunities to our collective advantage," Singh said.

He asked SAARC to resolve to seize the opening that history has presented to "realise the dreams we have nurtured for decades and to work tirelessly for a new dawn of hope and optimism in our region."

"If we truly believe in a shared destiny, then we must work together to address our common challenges," Singh said.

Singh described terrorism as one of the common challenges which affected the region "significantly" and emphasised the need for cooperation among all the South Asian countries to stamp it out.

"Let us recall that as early as 1987, we concluded an agreement for Suppression of Terrorism. The Additional Protocol to the SAARC Convention on Suppression of Terrorism, signed at the 12th Summit, reaffirms our commitment to collectively fight this menace," he said.

"Today, let us renew our resolve to cooperate at all levels to comprehensively eradicate terrorism from our region," the Prime Minister said.