Regional cooperation in trade and investment as well as energy and regional connectivity is set to get an impetus as India hosts the 1st BIMSTEC Business Summit in New Delhi from August 6-8, 2024.
The first edition of the Business Summit aims to foster greater regional collaboration through robust trade and investment relations among the member countries of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), India's Ministry of External Affairs (MEA) said as it shared information about the meet on Monday (August 5, 2024).
External Affairs Minister S Jaishankar will inaugurate the Business Summit, which is being organised by MEA in association with the Confederation of Indian Industries (CII). Minister of Commerce and Industries Piyush Goyal and other leaders will deliver keynote addresses. Several Ministers of the BIMSTEC Member States from the ambit of Trade, Commerce and Industry, as well as Energy, along with high-ranking Government officials, policy makers, entrepreneurs and industry associations will participate in the event. The event will bring together more than 300 key stakeholders from across the Bay of Bengal region to facilitate economic collaboration and explore ways ahead in focus areas such as trade facilitation, regional connectivity, energy security, inclusive growth and sustainable development. "India attaches great importance to Bay of Bengal Initiative for Multi Sectoral Technical and Economic Cooperation (BIMSTEC) which links five countries from South Asia (Bangladesh, Bhutan, Nepal, India & Sri Lanka) and two from South-East Asia (Myanmar & Thailand)," the MEA stated.
Forging Regional Cooperation across Diverse Sectors
BIMSTEC, established on June 6, 1997 with the signing of the Bangkok Declaration, has seen regular attempts to forge regional cooperation across diverse areas.
The Business Summit comes less than a month after India hosted the 2nd BIMSTEC Foreign Ministers' Retreat in New Delhi on July 11-12, 2024. The retreat provided a unique opportunity for the Foreign Ministers to engage in informal discussions on various critical issues. The agenda included broadening and deepening cooperation in fields such as security, connectivity, trade and investment, and people-to-people contacts.
Speaking at the retreat, EAM Jaishankar said BIMSTEC represents the intersection of its ‘Neighbourhood First’ outlook, the ‘Act East Policy’ and the ‘SAGAR’ vision. During the course of his address, he also said that longstanding goals such as capacity building and economic cooperation have acquired a new urgency. "Global and regional developments also make it imperative that we find more solutions amongst ourselves," he noted.
"Our message should be clear – that we are all determined to infuse new energies, new resources and a new commitment into cooperation among the Bay of Bengal nations," EAM Jaishankar emphasised. Interacting with Foreign Ministers from the BIMSTEC Member States who paid a joint call on him on July 12, 2024, Prime Minister Narendra Modi stressed on the role of BIMSTEC as an engine for economic and social growth. He also reaffirmed India's commitment to a peaceful, prosperous, resilient and safe BIMSTEC region and highlighted the need for strengthening regional cooperation.
