On March 23, the Associated Chambers of Commerce and Industry of India (ASSOCHAM) announced the leadership structure for India within the BIMSTEC Business Council. This move underscores India’s dedication to enhancing economic collaboration in the Bay of Bengal region, especially as BIMSTEC approaches its 30th anniversary. As a founding member of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), India has consistently engaged in efforts to improve connectivity, trade facilitation, energy collaboration, and capacity building among the member nations.

ASSOCHAM, which serves as the India Secretariat for the BIMSTEC Business Council through the Ministry of External Affairs, revealed plans to strengthen its role by establishing a leadership framework for the country. The organisation intends to cultivate institutional leadership, galvanise industry participation, and advocate for policy measures aimed at transforming BIMSTEC into a robust platform for economic partnerships.

Potential of BIMSTEC

At the launch event, Tribhuvan Darbari, the Chair of the BIMSTEC Business Council in India, commented on the regional economic opportunities, stating that BIMSTEC represents a potential market worth USD 5 trillion. He emphasised the importance of deeper trade integration, enhanced supply chains, and seamless connectivity to unlock this potential. Darbari highlighted that the true advantage of BIMSTEC lies in achieving tangible business outcomes through effective policy alignment.

Darbari also outlined that ASSOCHAM will prioritise the promotion of collaboration between the industry and government to assist businesses in expanding internationally and seizing opportunities across various sectors, including manufacturing and services.

Nirmal K Minda, President of ASSOCHAM, reiterated the organisation’s vision of enhancing connectivity and empowering Micro, Small, and Medium Enterprises (MSMEs) to stimulate new avenues for investment and innovation throughout the member nations. His remarks pointed towards a collaborative future that could yield significant growth for all BIMSTEC partners.

Importance of Strong Regional Cooperation

Indra Mani Pandey, the Secretary General of BIMSTEC, stressed the necessity for strengthened regional cooperation. He pointed out that reliance on global supply chains for energy and health security poses challenges that can be more effectively managed through regional interdependence. Pandey’s comments reflect a vision for a united response to multifaceted challenges faced by the region.

Saurabh Sanyal, Secretary General of ASSOCHAM, added that the new initiative represents a long-term commitment to facilitate business growth across the BIMSTEC member countries, aiming to translate intentions into actionable collaborations between industry and government.

Representatives from Nepal, Bhutan, Myanmar, Sri Lanka, and Thailand took part in the discussions, showing their support for ASSOCHAM’s initiatives within the BIMSTEC framework. The involvement of these diplomatic figures underscores the importance of collaborative efforts across member states.

ASSOCHAM has expressed its intent to support the establishment of a BIMSTEC Chamber of Commerce and Industry. The organization plans to engage with partner entities within the member states to establish a roadmap for increasing intra-regional trade and investment, enhancing connectivity, promoting the international presence of MSMEs, and fostering collaboration across sectors such as fintech, agritech, renewable energy, and the blue economy.

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