Bolstering physical, digital, financial, and people to people connectivity between the 7-nation BIMSTEC is key for South Asia’s progress.
This is in line with the larger picture of India’s trans-national and sub-regional initiatives for enhancing development, peace and stability.
What is BIMSTEC?
Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) was established in 1997.
It was a group of 7 littoral countries encircling the Bay of Bengal namely - Bangladesh, Bhutan, India, Nepal, Sri Lanka, Myanmar and Thailand.
Notably, BIMSTEC has 5 members from SAARC and 2 from ASEAN and can potentially act as a bridge between the two.
What is the significance?
In the India context, BIMSTEC stands at the very important intersection of ‘Neighbourhood First’ and ‘Act East Policy’.
While BIMSTEC has come a very long way since its establishment, the present geo-political scenario calls for enhancing its scope and engagements further.
Despite its strategic significance and potential, the region remains one that is poorly inter-connected – which needs to be worked upon.
BIMSTEC therefore presents immense opportunities for growth and development and has particular benefits for 7 north-eastern states.
What are the organisational reforms needed?
The 2016 Goa summit of the BIMSTEC (in collaboration with BRICS), and the subsequent regional business congregations have set the tone for the future.
The mission is to evolve a comprehensive vision for fresh, knowledge-intensive, academic, policy and industry space over the next decade.
Strengthening BIMSTEC Secretariat and enhancing government-to-business interface have been suggested.
Also, creation of a BIMSTEC fund has been mooted.
What are reforms needed for facilitating businesses?
Lack of connectivity and timely availability of business information are greatest hindrances to closer economic engagement.
Multimodal connectivity and a speedy conclusion of the BIMSTEC FTA would have a multiplier effect on trade and investment.
Creating regional value chains that could feed into global value chains are vital for business integration.
The prospects for MSMEs are massive and these need to be augmented by encouraging competitiveness, employment generation and inclusive growth.
Integration of women entrepreneurs into supply chains and building innovative business models for women are essential.
However, the most important need is the strengthening of all modes of connectivity: physical, digital, financial and people to people.
What is the way ahead?
On a backdrop of shared history, new connections have to be forged between students, entrepreneurs, artists, and elected representatives.
In addition, it is important to pay attention to the role of the media as an opinion shaper and influencer.
BIMSTEC holds catalytic potential to transform economies of member states and create a peaceful, prosperous and integrated neighbourhood.
The road from potential to reality will be successfully traversed only when all actors and stakeholders come together actively for the cause.
