India to host first BIMSTEC Business Summit
India is set to host the first BIMSTEC Business Summit in New Delhi from August 6-8, 2024.
Organizers:
The summit is organized by the Ministry of External Affairs in association with the Confederation of Indian Industries (CII).
Focus Areas:
The summit aims to foster greater regional collaboration through robust trade and investment relations among BIMSTEC member countries.
Key focus areas include trade facilitation, regional connectivity, energy security, inclusive growth, and sustainable development.
About BIMSTEC
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is an international organization that brings together seven South Asian and Southeast Asian countries.
Member Countries:
- Bangladesh
- Bhutan
- India
- Myanmar
- Nepal
- Sri Lanka
- Thailand
Establishment:
BIMSTEC was established on June 6, 1997.
Initially, it was known as BIST-EC (Bangladesh, India, Sri Lanka, and Thailand Economic Cooperation).
The name changed to BIMST-EC after Myanmar joined in December 1997, and later to BIMSTEC when Nepal and Bhutan became full members in 2004.
Objectives:
The organization aims to promote technological and economic cooperation among its member countries.
It focuses on several key sectors, including trade and investment, transport and communication, energy, tourism, technology, fisheries, agriculture, public health, poverty alleviation, counter-terrorism, environment, disaster management, people-to-people contact, cultural cooperation and climate change.
Secretariat:
The BIMSTEC Secretariat is located in Dhaka, Bangladesh.
Leadership:
The chairmanship of BIMSTEC rotates among the member countries.
Economic Significance:
BIMSTEC countries collectively house 1.73 billion people and have a combined GDP of approximately $5.2 trillion (as of 2023).
