BIMSTEC nations, startups, and businesses must innovate for prosperity: Piyush Goyal
Highlighting some potential areas of collaboration, the Minister added that the Blue Economy has tremendous potential, which in turn can boost job creation and economic growth in the region
- Aug 7, 2024,
- Updated Aug 7, 2024 4:58 PM IST
The BIMSTEC countries must work together in collaboration to create ways for supporting each other’s inclusive growth and development, stated Piyush Goyal, Minister of Commerce and Industry, Government of India, during the Special Ministerial Plenary session at the first BIMSTEC Business Summit, organised by the Confederation of Indian Industry (CII) in collaboration with the Ministry of External Affairs in New Delhi on August 7, 2024.
Goyal stated further that greater collaboration with the start-ups, entrepreneurs and business communities among the regions have great potential in fostering the BIMSTEC partnership further.
Highlighting some potential areas of collaboration, the Minister added that the Blue Economy has tremendous potential, which in turn can boost job creation and economic growth in the region. Promoting regional value chains for strengthening agricultural and mineral produce is another area with significant opportunities, he added.
Concerted efforts for removing non-tariff barriers, adopting international norms on trade facilitation and measures to promote e-commerce and connectivity were among some critical measures suggested by the Minister to enhance greater trade and regional cooperation among the BIMSTEC member states. The Minister also suggested the creation of a BIMSTEC desk to handhold investments and trade and supporting tourism in each of the seven nations.
Goyal added that there is a need for deeper engagement between the BIMSTEC nations and greater direction and support from the business community is required in making the BIMSTEC FTA a reality.
Damodar Bhandari, Minister of Industry, Commerce and Supplies, Government of Nepal stated that BIMSTEC members must continue to push for greater integration into regional value chains through measures such as trade facilitation and digital transformation, which will contribute to rapid growth, prosperity, and stability in the BIMSTEC region. He added that Nepal is committed towards greater collaboration with its BIMSTEC partners for achieving shared goals of sustainable growth, development and prosperity in the Bay of Bengal region.
Chandrajit Banerjee, Director General, CII stated that engaging deeply with each of the BIMSTEC nations will be a top priority. He added that sector specific engagement will be taken up for sectors such as agriculture, infrastructure, construction, renewable energy, healthcare, tourism, and others that will be discussed during the BIMSTEC summit.
The BIMSTEC countries must work together in collaboration to create ways for supporting each other’s inclusive growth and development, stated Piyush Goyal, Minister of Commerce and Industry, Government of India, during the Special Ministerial Plenary session at the first BIMSTEC Business Summit, organised by the Confederation of Indian Industry (CII) in collaboration with the Ministry of External Affairs in New Delhi on August 7, 2024.
Goyal stated further that greater collaboration with the start-ups, entrepreneurs and business communities among the regions have great potential in fostering the BIMSTEC partnership further.
Highlighting some potential areas of collaboration, the Minister added that the Blue Economy has tremendous potential, which in turn can boost job creation and economic growth in the region. Promoting regional value chains for strengthening agricultural and mineral produce is another area with significant opportunities, he added.
Concerted efforts for removing non-tariff barriers, adopting international norms on trade facilitation and measures to promote e-commerce and connectivity were among some critical measures suggested by the Minister to enhance greater trade and regional cooperation among the BIMSTEC member states. The Minister also suggested the creation of a BIMSTEC desk to handhold investments and trade and supporting tourism in each of the seven nations.
Goyal added that there is a need for deeper engagement between the BIMSTEC nations and greater direction and support from the business community is required in making the BIMSTEC FTA a reality.
Damodar Bhandari, Minister of Industry, Commerce and Supplies, Government of Nepal stated that BIMSTEC members must continue to push for greater integration into regional value chains through measures such as trade facilitation and digital transformation, which will contribute to rapid growth, prosperity, and stability in the BIMSTEC region. He added that Nepal is committed towards greater collaboration with its BIMSTEC partners for achieving shared goals of sustainable growth, development and prosperity in the Bay of Bengal region.
Chandrajit Banerjee, Director General, CII stated that engaging deeply with each of the BIMSTEC nations will be a top priority. He added that sector specific engagement will be taken up for sectors such as agriculture, infrastructure, construction, renewable energy, healthcare, tourism, and others that will be discussed during the BIMSTEC summit.