New Delhi is hosting the first BIMSTEC Business Summit from 6 Aug- 8 Aug, 2024. The summit is facilitated by The Ministry of External Affairs in association with Confederation of Indian Industries (CII). The summit is organized with the objective to encourage dialogues on pivotal ranges of participation and bring together all partners of BIMSTEC through one platform.
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BIMSTEC at a Glance
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional multilateral organization which links 5 South Asian countries (India, Bangladesh, Nepal, Bhutan, Sri Lanka) and 2 Southeast Asian Countries (Myanmar, Thailand). BIMSTEC provides a sui generis link between South Asia and Southeast Asia, connecting about 22% of the world population.
The regional trade between BIMSTEC countries have increased over the years from being USD 4.8 billion in the year 2000 to USD 35.96 billion in 2022. However, the optimal trade and investment potential of the region is yet to be mobilized.
Objectives of the Summit
“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 BIMSTEC”, said the Ministry of External Affairs through a press release.
The main objectives of the summit include developing a plan to improve the overall business environment among the countries that is both inclusive and sustainable, finding possible sectors for collaboration and industry engagement, and identifying projects that can lead to larger role of private sector.
Key Participators
The summit will be inaugurated by Minister of External Affairs of India Dr. S. Jaishankar. Key note addresses will be delivered by Shri Piyush Goyal, the Minister of Commerce and Industries, and other leaders.
Key policymakers from BIMSTEC, leading businesses from the area, apex Chambers of Commerce from BIMSTEC, think-tanks academia, investment promotion organizations, and MSEs and MSMEs are some of the key participants. The event will bring together more than 300 stakeholders from the region.
Expected Outcomes
The summit is expected to conclude on a positive and progressive note. Supporting trade and investments amongst member states by identifying steps to promote regional supply and value chains and early conclusion of BIMSTEC FTA, specifying commercial cross-country projects for private-sector involvement, deliberation on the role of private sector in connecting BIMSTEC Governments, identifying problems and recommending actionable items for improvements in regional business environment and trade facilitation, supporting creation of Regional Value Chains especially in strategic sectors and enable companies, large or small to come together for sourcing different products from within the Region, and highlighting challenges and pathways to higher inclusion of women-led MSMEs into the regional value chains.
The first edition of the summit is expected to boost regional collaboration through trade and investment among the member countries of BIMSTEC.
