India to host 7-nation BIMSTEC business summit this week

NEW DELHI — The Ministry of External Affairs will host the 1st BIMSTEC Business Summit here in association with the Confederation of Indian Industries (CII) from Aug 6 to 8, an official said on Monday. 

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) which links five countries from South Asia (Bangladesh, Bhutan, Nepal, India & Sri Lanka) and two from South-East Asia (Myanmar & Thailand).

The official said that the Business Summit will be inaugurated by External Affairs Minister S. Jaishankar.

“Minister of Commerce and Industries Piyush Goyal and other leaders will deliver keynote addresses. 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,” he said.

He said that the event will bring together more than 300 key stakeholders from across the Bay of Bengal region to facilitate economic collaboration and explore ways ahead in focus areas such as trade facilitation, regional connectivity, energy security, inclusive growth and sustainable development.

The 4th Annual Meeting of the BIMSTEC countries was held at the end of last month and was also attended by National Security Advisor (NSA) Ajit Doval.

He met with the Myanmar NSA Admiral Moe Aung and BIMSTEC Security Chiefs called on Prime Minister Senior General Min Aung Hai.

Delivering India’s national statement at the BIMSTEC meeting, NSA Doval spoke on strengthening cooperation in counter-terrorism and combating drug trafficking, arms smuggling and organised crime.

He also spoke about BIMSTEC connectivity, holding the 2nd Ports Conclave and water security of Himalayan river systems.