BIMSTEC stresses business-to-business engagement

The BIMSTEC Secretariat has welcomed a new phase of business leadership aimed at strengthening trade and investment links across the Bay of Bengal region, underscoring the growing emphasis on business-to-business (B2B) engagement within the grouping, a spokesman said on Tuesday.

The initiative follows the launch of the India chapter of the BIMSTEC Business Council under ASSOCHAM, a move that officials say could help accelerate intra-regional commerce by fostering closer collaboration among private sector actors.

The new leadership has outlined a strategic agenda built around three priorities: trade facilitation, multi-modal connectivity and cooperation among micro, small and medium-sized enterprises (MSMEs). These areas align with the bloc’s long-term framework, the “Bangkok Vision 2030”, which aims to transform the Bay of Bengal into a more integrated and economically resilient region.

Bangladesh, which leads cooperation in trade, investment and development within BIMSTEC, is expected to play a central role in advancing business dialogue and cross-border partnerships.

Speaking at the launch held recently, BIMSTEC secretary general Indra Mani Pandey said stronger business linkages would be key to unlocking the region’s economic potential. He announced plans to establish a BIMSTEC chamber of commerce and a platform for investment promotion agencies, describing them as mechanisms to bring business communities closer together.

 “These platforms will provide momentum for business communities coming together, leading to better development in the Bay of Bengal region,” he said.

Industry representatives echoed that sentiment. Nirmal K Minda highlighted the need to improve connectivity and expand opportunities for smaller enterprises, while Saurabh Sanyal said the initiative marked “a lasting commitment to businesses across seven nations”, with a focus on translating policy into practical outcomes.

Tribhuvan Darbari described BIMSTEC as representing a “$5tn opportunity”, arguing that deeper trade integration and stronger supply chains would be essential to realising that potential.

Diplomatic representatives from member states, including Nepal, Bhutan, Myanmar, Sri Lanka and Thailand, also attended the event, signalling broad regional backing for the initiative.

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, or BIMSTEC, brings together seven countries — Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand — and focuses on cooperation across sectors ranging from trade and connectivity to energy, climate and human development.

Analysts say the renewed focus on business-led integration reflects a recognition that government-level agreements alone have not been sufficient to drive trade within the bloc, and that stronger private sector engagement will be crucial if BIMSTEC is to meet its ambitions.

mirmostafiz@yahoo.con