New Delhi, 4th August 2024
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organization founded in 1997, comprising Bangladesh, Bhutan, Nepal, Sri Lanka, Myanmar, Thailand, and India. It aims to foster cooperation across trade, industry, and various sectors of mutual interest.
BIMSTEC serves as a vital bridge between South Asia and Southeast Asia, encompassing approximately 1.8 billion people, which constitutes about 22% of the world's population.
Despite the geographical proximity of its member countries, the region remains one of the least integrated, with current intra-regional trade levels being relatively low. However, there is substantial potential for boosting economic relations. Since the year 2000, regional trade among BIMSTEC countries has surged from USD 4.8 billion to USD 35.96 billion by 2022. While regional trade interdependence has grown, the full trade and investment potential of the region remains untapped.
In light of these opportunities, the Confederation of Indian Industry (CII) proposes to collaborate closely with the Ministry of External Affairs, Government of India, and other BIMSTEC nations, supported by counterpart associations within the BIMSTEC member economies. The initiative involves organizing the "BIMSTEC Business Summit" to facilitate discussions on key areas of cooperation and create a unified platform for all BIMSTEC stakeholders.
The Summit aims to achieve the following objectives:
1. Develop actionable plans to enhance the overall business environment, ensuring both sustainability and inclusivity.
2. Identify and promote potential sectors for collaboration and engage with industry leaders.
3. Discover project opportunities to increase private sector participation.
Expected Outcomes:
- Formulate strategies to boost trade and investment among member countries and expedite the conclusion of the BIMSTEC Free Trade Agreement (FTA).
- Identify key issues and propose actionable recommendations to improve the regional business environment and trade facilitation.
- Explore how the private sector can collaborate with BIMSTEC governments on connectivity projects.
- Foster the creation of Regional Value Chains in significant sectors and offer opportunities for regional companies to forge partnerships for sourcing diverse products.
- Pinpoint specific cross-country commercial projects suitable for private sector involvement.
- Address barriers and recommend strategies to enhance the participation of women-led MSMEs in regional value chains.
Participants at the Summit will include:
- Key policymakers from BIMSTEC member countries
- Leading businesses from the region
- Think tanks and academic experts
- Apex Chambers of Commerce from BIMSTEC
- Investment promotion organizations
- SMEs and MSMEs
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