Neha BaruahOn August 6, 2024, New Delhi will witness the first-ever BIMSTEC Business Summit, jointly organized by the Ministry of External Affairs of India and the Confederation of Indian Industries (CII). This landmark event aims to enhance collaboration among the member nations of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
Opening Ceremony
The summit will be inaugurated by India’s External Affairs Minister, Dr. S. Jaishankar. The event will also feature significant addresses by the Minister of Commerce and Industries, Shri Piyush Goyal, among other notable leaders. The primary objective is to strengthen trade and investment ties among the BIMSTEC countries.
Attendees
The summit will host over 300 prominent figures, including trade, commerce, and industry ministers from BIMSTEC nations, energy sector officials, government representatives, policymakers, entrepreneurs, and industry association members.
Discussion Themes
Key topics on the agenda include:
- Facilitating Trade: Strategies to simplify and enhance trade processes.
- Regional Connectivity: Initiatives to improve infrastructure and connectivity within the region.
- Energy Security: Ensuring a stable and sustainable energy supply.
- Inclusive Growth: Promoting equitable economic development.
- Sustainable Development: Encouraging practices that support long-term environmental and economic health.
About BIMSTEC Business Summit
Established in 1997, BIMSTEC comprises seven member countries: Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal. The organization focuses on fostering trade, investment, and economic cooperation among its members. The summit serves as a platform to advance key sectors such as energy, trade, and technology, while also addressing regional challenges like climate change. Since its inception, the first formal summit was held in 2004, with a renewed focus and increased activity from 2015 onwards. The most recent summit took place in Sri Lanka in 2022, amidst regional political tensions.
This inaugural BIMSTEC Business Summit in New Delhi represents a significant step towards deeper economic integration and cooperation in the Bay of Bengal region.
Neha Baruah
