The BIMSTEC Summit aligns with Hon’ble Prime Minister’s vision: Shri Pabitra Margherita, Minister of State for External Affairs, Government of India
The BIMSTEC Summit aligns with Prime Minister Narendra Modi’s vision for not only women-centric, but also women-led development, reflecting India's G20 Presidency goals, stated Shri Pabitra Margherita, Minister of State for External Affairs, Government of India at the Inaugural session of the CII BIMISTEC Business Summit, held in New Delhi on 6 August 2024.
He spoke about the key focus areas for BIMSTEC region are capacity building, economic cooperation, and connectivity.
The Minister of State commended the appropriate timing of the event, being held nearly a month after the BIMSTEC Foreign Ministers’ retreat. He spoke about the forthcoming BIMSTEC Summit in Thailand which will bring together public and private sectors, think tanks, industry members, and academia on the same platform.
“Such events explore a wide gamut of issues including MSMEs, trade facilitation in emerging areas such as mountain and blue economy, and this in turn would give impetus to the trade between our nations,” he said.
He said BIMSTEC accounts for almost 25% of the world’s population and have abundant resources both natural and human. “Greater collaboration between us promises to be a shining example of the Global South coming together for the shared development and prosperity of our people,” Shri Margherita added.
“BIMSTEC holds a special significance for India, as it is at the heart of our Neighbourhood First, Act East, and Sagarmala policies,” stated the minster as he spoke about India’s last decade which has shown strong growth along with fiscal prudence, appetite for reform, able governance, progress in digital public infrastructure, rapid and appropriate skilling of our population and a vibrant spirit of innovation and entrepreneurship. He also mentioned the fact that today India has 1600 Global capability centres, which are fast evolving into strategic assets driving innovations.
The session was also addressed by Shri Indra Mani Pandey, Secretary General, BIMSTEC Secretariat, who stated “Since inception of BIMSTEC in 1997, the critical importance of intra-regional trade has been underlined by both the governments and think tanks, media and academia.”
He urged the trade minsters and secretaries to conclude the constituent agreement by 2027, which would be the 30th anniversary of the BIMSTEC.
Shri Pandey expressed his hope that the BIMSTEC business forums, which have been dormant for quite some time, would be reconvened and revived without further delay.
The session was also attended by Mr Damodar Bhandari, Minister of Industry, Commerce and Supplies, Government of Nepal and Mr Minn Minn, Deputy Minister, Ministry of Commerce, Government of Myanmar.
Mr Sanjiv Puri, President, CII addressed the session by recognising that BIMSTEC can be a powerful platform as a global manufacturing hub, powerful tech house and a preferred investment destination. “Industry as a large economic organ of society has a crucial role to play in fostering closer collaboration, creating jobs and promoting innovation and inclusion,” he stated.
Mr Puri further made a few recommendations which included economic integration and trade facilitation being at the core of BIMSTEC. He stressed upon the establishment of the BIMSTEC FTA.
Mr Chandrajit Banerjee, Director General, CII said Confederation of Indian Industry is keen to institutionalise the BIMSTEC Business Summit as an annual event. “Over the next few days, we shall be hosting over 80 senior BIMSTEC delegates, and 400 Indian business delegates, and shall be holding around 100 B2B meetings,” he added.
August 6, 2024
New Delhi