Calls for vicious cycles of economic growth, food security and regional cooperation on combating terrorism, dominated the 15th SAARC Summit, held amidst pomp, pageantry and unprecedented local and international security at the BMICH yesterday.

The Summit got underway with President Mahinda Rajapaksa who assumed the chairmanship of the eight nation grouping, exhorting the need for greater economic cooperation, which would help empower the vast majority of the  regions 1.5 billion people who live in poverty.

Describing terrorism as "terrorism", where ever it may be, Rajapaksa thanked SAARC member countries for helping Sri Lanka combat the scourge of terror.

"We are reaping the benefits  of your assistance and have been able to largely overcome the destabilising effects of terrorism, sooner than expected. Democracy has been established in the East and a former child soldier installed as its Chief Minister. It is my desire that the same can be achieved in the North as well."

Food and oil prices have risen steeply in the recent past, he said "But we need not despair. Our focus should be on agricultural development, which would naturally lead to food security through the establishment of a Food Bank, with ample buffer stocks.

Rajapaksa said that operationalisation of the  SAARC Development Fund,was in keeping with the Summits theme of greater connectivity. "It gives  member states the confidence to face  unforeseen situations. The full implementation of SAFTA would give added impetus for the development of our economies."  

Proposing a single currency for SAARC, he said that Asia was no doubt  the economic power house of the world. "But its true potential can only be realized through interdependence. We also need to take a leadership role with regard to multi lateral institutions."

Urging SAARC to get out of the "Oil Well", Rajapaksa said that energy sharing needs to be accelerated. "We have the sun, sea and wind in plenty. Greater cooperation would ensure maximisation of our natural issues.

The outgoing Chairman of SAARC and Indian Prime Minister Manmohan Singh said that though SAARC has travelled a long distance in the last 23 years, it has not moved as fast as one would have wished. "We have only to see the rapid integration within ASEAN and its emergence as an important economic bloc, to understand the opportunities that beckon.

The success of each one of us provides opportunities for the others to promote their own success and prosperity, he said "This mutuality of interests is the central driving force of regional cooperation everywhere."