The first BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) Business Summit meeting is being held in New Delhi from 6 to 8 August 2024. The Summit will facilitate discussions on key areas of cooperation and bring together all BIMSTEC stakeholders on one platform.

Who inaugurated the BIMSTEC Business Summit Meeting?

The first BIMSTEC Business Summit was inaugurated by the External Affairs Minister S.Jaishankar in New Delhi on 6 August 2024. Union Minister of Commerce and Industry Piyush Goyal was also present on the occasion.

The summit is being attended by ministers of the BIMSTEC countries, high-ranking Government officials, policymakers, entrepreneurs, and industry associations.

Who organised the BIMSTEC Business Summit Meeting?

The Ministry of External Affairs, in association with the Confederation of Indian Industry (CII), has organized the first Business Summit meeting of BIMSTEC.

Aim of the Business Summit

The Business Summit is an attempt to promote trade and commerce in the region. BIMSTEC brings together the countries of South Asia and Southeast Asia, but the trade amongst the member countries is very small.

The summit will explore ways to enhance intra-regional trade, which has enormous potential.

The Business Summit will focus on:

Preparing an action plan for improving the overall business environment in the region, which is both sustainable and inclusive,
Identify potential industrial sectors and
Identify project opportunities for greater private sector participation.

BIMSTEC Meetings

BIMSTEC was established as a regional group in 1997 to promote cooperation among the littoral states of the Bay of Bengal regions. Its members are India, Sri Lanka, Bhutan, Bangladesh, Nepal, Thailand, and Myanmar.

Thailand will host the 6th BIMSTEC Summit Meeting in September 2024.

A series of BIMSTEC meetings are being held to prepare for the forthcoming summit meeting.

New Delhi hosted the 2nd BIMSTEC Foreign Minister’s Retreat (meeting) on July 11 and 12, 2024.

The 4th BIMSTEC Security Chiefs meeting was held on 27 July 2024 in Nay Pyi Taw, the capital of Myanmar.

About Confederation of Indian Industry (CII)

The Confederation of Indian Industry (CII) was set up in 1895 as the Engineering and Iron Trades Association.

In 1992 it was renamed as Confederation of Indian Industry.

It is one of the oldest business groups in India, representing the interests of Indian industries and businesses.

Headquarters: New Delhi.

President of CII: Sanjiv Puri