BIMSTEC business advisory council proposed, Bangladesh to hold next chair

Kolkata: Thailand on Tuesday proposed the idea of setting up a business advisory council that would serve as a platform for the private sector of BIMSTEC nations where each member state can interact with one another for enhancing trade and investment cooperation.

Thailand's chairmanship will culminate after the sixth summit of BIMSTEC in Bangkok in November, after which Bangladesh will hold the chair, its vice-minister (foreign affairs) Vijavat Isarabhakdi said.

Speaking at the BIMSTEC Business Conclave organised by Indian Chamber of Commerce here, the Thai minister said one of the priorities as chair of the organisation is to give importance to the role of businesses in this grouping.

"The proposed council will respond to the real needs of businesses, be it for start-ups or small and medium sector enterprises," he said.

Founded in 1997, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) consists of Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.

"The ongoing Trilateral Highway project between Thailand and India will help in facilitating trade and also bring our people closer," he said.

The minister said BIMSTEC members have approved the agreement on maritime transport cooperation which has the potential to open up new business opportunities in the Bay of Bengal.

Bangladesh Minister for Industries Nurul Majid Mahmud Humayun said the country witnessed a surge in industrial activities in the last few years.

"Our country will now graduate from being a least developed country (LDC) to a middle-income country. The focus now is on creating a conducive and business-friendly environment by inculcating best practices in the industry. India is a key trading partner of Bangladesh on a bilateral basis," he added.

Industry and Commerce Minister of Nepal, Ramesh Rizai, said his country is keen to enhance cooperation and collaboration among the member states to promote cross-border connectivity.

"Nepal will graduate from a LDC to a developing country in 2026 and is determined to make the transition smooth and sustainable," he said.

Sri Lanka Industry Minister Ramesh Pathirana said members of the BIMSTEC grouping have access to resource-rich nations and maritime trade.

"Our country was in economic crisis due to decline in the tourism sector because of Covid and also for dip in remittances which caused a foreign exchange crisis. But the plantation, apparel, light engineering, electronic equipment, gems and jewellery sectors helped the country in times of crisis. The economy is now stable and inflation is low," he added.

Commerce Minister of Myanmar Aung Naing Oo said his country will actively engage in all sectors to expand trade with the member countries.