As European leaders meet to address the situation, rescuers from all over Europe and volunteers from all over the world continue their search for the hundreds missing or presumed dead from the latest Mediterranean tragedy.
European officials estimate that about 700 people may have drowned from the latest tragedy.
About 17 vessels have continued searching for survivors. Several merchant ships have also volunteered in the search.
On Saturday night, the migrant ship had sunk about 70 miles off the coast of Libya. As its 700 passengers tried to get the attention of a Portuguese merchant ship, the ship weighed heavily on one side, effectively capsizing the boat
According to UN Refugee Agency Spokeswoman Carlotta Sami, this is the biggest massacre in the Mediterranean.
From Africa and Syria, smugglers place refugees inside overloaded boats to cut down costs. The sea vessels are often far from seaworthiness.
At Luxemborg, European Leaders would meet to tackle the Continent’s immigration crisis. It has been a long-running problem of Europe. In 2014 alone, about 150,000 migrants are estimated to have arrived in European shores.
According to analysts, it could be the EU’s undoing if it does not act. The EU has become notorious for limiting its search-and-rescue efforts in the wake of immigrant sea troubles.
CNBC Asia Economic Analyst Michael Ivanovich makes it clear that investors should look to Asia if they intend to grow their money. In the previous year, major trade surplus countries had increased their foreign assets by about $497 billion. Now, the country’s foreign currency reserves had reached $6.7 trillion, about 70% of the world’s total.
Ivanovich believes that East Asia will continue to generate large trade surpluses making it an important net capital exporter. Now that East Asia had adopted modern methods and technology in implementing export plans and manufacturing, they have become a formidable opponent of Europe’s manufacturing capacities.
East Asia’s local products have become increasingly world-class, making entertainment and tourist hospitalities an exception among countries.
East Asia’s advanced financial centres support local retail and wholesale businesses. Investment services are widely open for entrepreneurs and businessmen as well.
Ivanovich pointed out that East Asia’s financial development also gives way to the development of the following industries:
- Civil engineering
- Water Supplies
Ivanovich said in closing that East Asia has “ample means” to finance development projects to help it skyrocket its growth potential for the future. New opportunities for investment are opening and have opened up in Asia and Western economies have a new economy to fear.