India to Host First BIMSTEC Business Summit in 2024

The Ministry of External Affairs of India, together with the Confederation of Indian Industries (CII), is organizing the first BIMSTEC Business Summit on August 6, 2024, in New Delhi. This summit aims to improve cooperation among the countries that are part of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).

Event Overview

India’s External Affairs Minister, Dr. S. Jaishankar, will open the summit. There will be important speeches by the Minister of Commerce and Industries, Shri Piyush Goyal, and other leaders. The goal is to boost trade and investment relationships among the participating countries.

Participation

More than 300 important people will attend the summit. These include ministers responsible for trade, commerce, and industry from BIMSTEC countries, as well as officials in charge of energy, government representatives, policymakers, entrepreneurs, and members of industry associations.

Focus Areas

The main topics to be discussed at the summit are:

• Making trade easier
• Improving regional connectivity
• Ensuring energy security
• Promoting inclusive growth
• Encouraging sustainable development

About BIMSTEC Business Summit

BIMSTEC, which started in 1997, includes seven countries: Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal. Its focus is on improving trade, investment, and economic cooperation among its members. The summit promotes sectors like energy, trade, and technology. It has also addressed challenges such as climate change. The first formal summit took place in 2004, but BIMSTEC has become more active since 2015. The last summit was held in 2022 in Sri Lanka, during a time of regional political tensions.

Month: Current Affairs - August, 2024

Category: Summits and Conferences