ASSOCHAM Launches India Leadership for BIMSTEC Business Council to Boost Regional Cooperation
The Associated Chambers of Commerce and Industry of India (ASSOCHAM) has officially unveiled the India leadership of the BIMSTEC Business Council, reinforcing the nation's dedication to fostering robust economic collaboration across the Bay of Bengal region. This strategic move comes as the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) approaches its significant 30-year anniversary, highlighting a renewed commitment to regional integration and growth.
India's Proactive Role in BIMSTEC's Economic Framework
As a founding member of BIMSTEC, India has consistently played a pivotal role in advancing key areas such as connectivity, trade facilitation, energy cooperation, and capacity building among member states. The country has actively supported institutional strengthening efforts, including enhancements to the BIMSTEC Secretariat, while championing inclusive growth, resilient supply chains, and sustainable development initiatives. ASSOCHAM, serving as the India Secretariat of the BIMSTEC Business Council under the Ministry of External Affairs, has revitalized its functions by introducing this leadership framework, aiming to drive institutional leadership, mobilize industry participation, and advocate for policy measures that transform BIMSTEC into a dynamic economic partnership platform.
Key Statements from Industry and Diplomatic Leaders
During the event, Tribhuvan Darbari, the BIMSTEC Business Council India Chair, emphasized the immense potential of the region, stating, "BIMSTEC represents a USD 5 trillion opportunity. The time is ripe to unlock this potential through deeper trade integration, stronger supply chains, and seamless connectivity. The real opportunity within BIMSTEC lies in converting policy alignment into business outcomes." He further noted that ASSOCHAM will prioritize fostering industry-government engagement to help businesses expand across borders and capitalize on opportunities in manufacturing, services, and sustainable sectors.
ASSOCHAM President Nirmal K Minda highlighted the organization's vision to boost connectivity, empower Micro, Small, and Medium Enterprises (MSMEs), and unlock new investment and innovation avenues across member nations. Meanwhile, BIMSTEC Secretary General Indra Mani Pandey stressed the necessity for stronger regional cooperation, remarking, "We need to create dependency regionally rather than depending on global supply chains, whether in energy security, health security, etc. We can deal with such challenges working together."
Future Initiatives and Collaborative Efforts
ASSOCHAM Secretary General Saurabh Sanyal articulated that this initiative reflects a long-term commitment to businesses across BIMSTEC member countries, aiming to translate intent into actionable outcomes through enhanced collaboration between industry and government. Diplomatic representatives from Nepal, Bhutan, Myanmar, Sri Lanka, and Thailand actively participated in the discussions, expressing their support for ASSOCHAM's initiatives under the BIMSTEC framework.
Looking ahead, ASSOCHAM plans to continue supporting the formation of a BIMSTEC Chamber of Commerce and Industry. The organization will work closely with partner entities across member states to advance a comprehensive roadmap focused on:
- Boosting intra-regional trade and investment
- Improving connectivity infrastructure
- Promoting MSME internationalization
- Enhancing collaboration in sectors such as fintech, agritech, renewable energy, and the blue economy
This concerted effort aims to harness the collective economic potential of the BIMSTEC region, driving sustainable development and prosperity for all member nations.
