BIMSTEC Summit: India to Host First Business Summit to Boost Regional Cooperation

Pune, 5th August 2024: India will host the first BIMSTEC Business Summit in Delhi from 6th to 8th August, aiming to enhance regional cooperation through stronger trade and investment relations among the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) member countries. Organized by the Ministry of External Affairs in collaboration with the Confederation of Indian Industry (CII), the three-day summit underscores India’s commitment to fostering economic and technical collaboration in the region.

Inauguration by Foreign Minister S. Jaishankar: Foreign Minister S. Jaishankar will inaugurate the summit, which will feature key addresses from Union Commerce and Industry Minister Piyush Goyal and other prominent leaders. The Ministry of External Affairs announced that several ministers from BIMSTEC member countries will participate in the event.

Participation of Ministers and Key Stakeholders: The summit will include ministers, senior officials, policymakers, entrepreneurs, and industry associations from BIMSTEC member countries, focusing on the trade, commerce, industry, and energy sectors. This diverse participation aims to foster dialogue and collaboration among key stakeholders.

Goal of Enhancing Regional Cooperation: The Ministry of External Affairs emphasized that the primary goal of the summit is to promote greater regional cooperation through stronger trade and investment relations among BIMSTEC member countries. The event aims to address critical areas such as trade facilitation, regional connectivity, energy security, inclusive development, and sustainable development.

Bringing Together Over 300 Stakeholders: Over 300 key stakeholders from the Bay of Bengal region will gather on a single platform to facilitate economic cooperation. The summit will focus on exploring pathways for enhancing trade facilitation, improving regional connectivity, ensuring energy security, promoting inclusive development, and achieving sustainable growth.

India’s Commitment to BIMSTEC: Highlighting India’s dedication to BIMSTEC, the Ministry of External Affairs stated, “India places great importance on BIMSTEC. This initiative connects five countries of South Asia (Bangladesh, Bhutan, Nepal, India, and Sri Lanka) and two countries of Southeast Asia (Myanmar and Thailand), fostering a collaborative approach to regional development.”

The first BIMSTEC Business Summit marks a significant step towards strengthening regional ties and boosting economic cooperation among member countries, paving the way for a more integrated and prosperous Bay of Bengal region.