India has taken a significant step towards fostering regional economic collaboration by hosting the first-ever BIMSTEC Business Summit in New Delhi. The three-day event, organized by the Ministry of External Affairs in partnership with the Confederation of Indian Industries (CII), aims to strengthen trade and investment relations among the seven-member nations of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
External Affairs Minister S Jaishankar inaugurated the summit, highlighting the importance of the event in preparing strong outcomes for the upcoming BIMSTEC Summit later this year. The summit brings together over 300 key stakeholders from the Bay of Bengal region, including ministers from various BIMSTEC member states, high-ranking government officials, policymakers, entrepreneurs, and industry associations.
The event will focus on exploring avenues in trade facilitation, regional connectivity, energy security, inclusive growth, and sustainable development. The summit serves as a platform for these nations to deepen their cooperation in these critical areas and promote economic collaboration.
India, which attaches great importance to BIMSTEC, views the grouping as a crucial link between South Asia and Southeast Asia. The seven member countries of BIMSTEC – Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand – represent a significant portion of the world’s population and a combined GDP of close to $2.7 trillion.
The BIMSTEC Business Summit is a testament to India’s commitment to enhancing regional cooperation and economic growth. As the host of this landmark event, India has taken the lead in shaping the future of the Bay of Bengal region, fostering greater collaboration and integration among its member countries.
The summit is expected to result in concrete outcomes and practical collaborations that will be presented at the forthcoming BIMSTEC Summit in Thailand later this year. The event marks a significant milestone in the evolution of BIMSTEC and sets the stage for a new era of economic cooperation and development in the Bay of Bengal region.
