BIMSTEC Business Summit 2024: India’s Key Role in Fostering Regional Economic Collaboration

India will host the first BIMSTEC Business Summit in New Delhi from August 6-8. 

The Ministry of External Affairs, in association with the Confederation of Indian Industries (CII), will host a three-day event. Indian External Affairs Minister S Jaishankar will inaugurate the Business Summit. Union Minister of Commerce and Industries Piyush Goyal and other leaders will deliver keynote addresses, the Ministry of External Affairs (MEA) said in a press release.

Several Ministers of the BIMSTEC Member States from the ambit of Trade, Commerce, and Industry, as well as Energy, along with high-ranking Government officials, policymakers, entrepreneurs, and industry associations, will participate in the event. In the press release, the Minister of External Affairs stated, "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 Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC). "The event will bring together over 300 key stakeholders from across the Bay of Bengal region to facilitate economic collaboration and explore ways ahead in focus areas like trade facilitation, regional connectivity, energy security, inclusive growth, and sustainable development.

The MEA noted, "India attaches great importance to the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), which links five countries from South Asia (Bangladesh, Bhutan, Nepal, India & Sri Lanka) and two from South-East Asia (Myanmar & Thailand)."Earlier in July, National Security Advisor Ajit Doval led the Indian delegation at the 4th Annual Meeting of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Security Chiefs held in Myanmar's capital, Naypyitaw.

In a post on X, the Indian Embassy in Myanmar had stated, "NSA Shri Ajit Doval is leading the Indian delegation at the 4th Annual Meeting of #BIMSTEC Security Chiefs being held in Naypyitaw today. He met with the Myanmar NSA  Admiral Moe  Aung yesterday, and BIMSTEC Security Chiefs called on Prime Minister Senior General Min Aung Hlaing." (ANI)