CURRENT AFFAIRS
CURRENT AFFAIRS
Description
The Ministry of External Affairs of India, in collaboration with the Confederation of Indian Industries (CII), is hosting the first BIMSTEC Business Summit on August 6, 2024, in New Delhi. The goal of this summit is to strengthen cooperation among nations participating in the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
Event Overview
Dr. S. Jaishankar, India's External Affairs Minister, will inaugurate the summit. The Minister of Commerce and Industries, Shri Piyush Goyal, and other leaders will deliver crucial speeches. The purpose is to strengthen commercial and investment links between the participating countries.
Participation
The conference will be attended by more than 300 notable persons. These include BIMSTEC countries' ministries of trade, commerce, and industry, as well as energy officials, government representatives, policymakers, entrepreneurs, and members of industry associations.
Focus Areas
The primary subjects to be addressed at the summit are-
Making trading easier
Improving Regional Connectivity
Ensure energy security.
Promoting Inclusive Growth
Encouraging Sustainable Development
About The BIMSTEC Business Summit
BIMSTEC, founded in 1997, is made up of seven countries: Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan, and Nepal. Its goal is to improve trade, investment, and economic cooperation among its members. The conference focuses on industries such as energy, trade, and technology. It has also addressed issues like climate change. The first formal summit was held in 2004, although BIMSTEC has been increasingly active since 2015. The most recent summit took place in Sri Lanka in 2022, amid a period of high regional political tension.
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