The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has attempted to give a new direction to regional cooperation by further strengthening India’s commitment under BIMSTEC. The initiative is in line with India’s Neighborhood First and Act East policies, which aim to strengthen economic and strategic ties in the Bay of Bengal region.
Promote trade and connectivity
As a founding member of BIMSTEC, India is continuously promoting trade, connectivity, energy cooperation and capacity building. India’s emphasis is on strong institutional framework, inclusive growth and sustainable supply chains to make BIMSTEC an effective regional grouping.
New energy to Business Council
ASSOCHAM, the secretariat of the BIMSTEC Business Council in India, has given a new impetus to it by launching India’s leadership in the Council. The aim of this initiative is to promote regional trade by creating better coordination between industry and government.
huge economic opportunity
Tribhuvan Darbari, India Chair of BIMSTEC Business Council, said that this platform provides a huge economic opportunity of about 5 trillion dollars. Member countries can further strengthen the regional value chain through better logistics, trade facilitation and digital innovation.
Emphasis on MSME and investment
ASSOCHAM President Nirmal K. Minda stressed on empowering the MSME sector and creating new investment opportunities. Meanwhile, BIMSTEC General Secretary Indra Mani Pandey expressed the need to increase regional self-reliance, especially in the fields of energy and health security.
Further strategy ready
Under this initiative, a roadmap has also been presented, in which the focus is on increasing trade and investment, accelerating multimodal connectivity and increasing cooperation in sectors like fintech, agritech and renewable energy. This step is considered important towards making BIMSTEC a strong economic platform.