BIMSTEC Summit: Fostering Regional Cooperation in New Delhi

Event Overview and Objectives

• First BIMSTEC Business Summit to be held in New Delhi from August 6-8, 2024
• Organized by the Ministry of External Affairs of India and Confederation of Indian Industries (CII)
• Aims to improve cooperation among BIMSTEC member countries
• External Affairs Minister Dr. S. Jaishankar to inaugurate the summit
• Minister of Commerce and Industries Shri Piyush Goyal to deliver keynote address
• Focuses on fostering greater regional collaboration through trade and investment relations
• Over 300 key stakeholders expected to attend from across the Bay of Bengal region

Participation and Focus Areas

• Attendees include ministers from BIMSTEC countries responsible for trade, commerce, and industry
• High-ranking government officials, policymakers, entrepreneurs, and industry associations to participate
• Summit aims to prepare an action plan for improving the overall business environment
• Identify potential industrial sectors and project opportunities for greater private sector participation

Key focus areas for discussion:

a) Trade facilitation b) Regional connectivity c) Energy security d) Inclusive growth e) Sustainable development

BIMSTEC Background and Importance

• Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) established in 1997 as a regional group
• Member countries: Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal
• Links five countries from South Asia and two from South-East Asia
• Focuses on improving trade, investment, and economic cooperation among members
• Addresses challenges such as climate change
• First formal summit held in 2004, became more active since 2015
• Last summit held in 2022 in Sri Lanka
• India attaches great importance to BIMSTEC for regional cooperation

Related BIMSTEC Activities and Future Plans

• Thailand to host the 6th BIMSTEC Summit Meeting in September 2024
• Series of BIMSTEC meetings being held in preparation for the upcoming summit
• 2nd BIMSTEC Foreign Ministers' Retreat held in New Delhi on July 11-12, 2024
• 4th BIMSTEC Security Chiefs meeting held on July 27, 2024, in Nay Pyi Taw, Myanmar
• Summit aims to explore ways to enhance intra-regional trade, which has enormous potential