In a bid to unlock regional economic potential, the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation, BIMSTEC, is prioritising improved connectivity among member countries. BIMSTEC Secretary General Indra Mani Pandey, during his introductory visit to Bhutan, highlighted progress on key initiatives like maritime transport agreements and support for landlocked nations.
Talking to the media, the secretary general emphasised BIMSTEC’s collaboration with the Asian Development Bank to finance connectivity projects, which is one of the key agreements signed between BIMSTEC and its member countries.
“We took the assistance of the Asian Development Bank in coming back with the report on how these projects can be financed. Those reports are also with the member states. So, when member states are looking at the action plan to implement the master plan, they would be taking into account this report of ADB and also how they can work together in making sure the connectivity projects are implemented.”
As for landlocked countries like Bhutan and Nepal, the secretary general said BIMSTEC’s efforts to support connectivity will enable trade diversification both within the region and internationally.
“Connectivity has been one very important area of work in BIMSTEC. I think all the countries benefit from more and better connectivity which links them to all the other countries in the region.”
The secretary-general also acknowledged BIMSTEC’S slow progress in achieving the free trade plans.
The free trade plan aims to create a free trade area by reducing tariffs and enhancing economic cooperation.
“The progress has not met the initial expectations. However, let’s remain hopeful for the future as all member states recognise the need to advance BIMSTEC towards greater trade growth and regional investment.”
He added that BIMSTEC’s 10-year master plan, designed to boost regional development through enhanced transport and trade links, depends on member states successfully implementing their national projects.
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation was established in June 1997.
Bhutan joined as a member state of the regional organisation in 2004.
Karma Samten Wangda
Edited by Sherub Dorji
