BIMSTEC trade office opened in Chennai

CHENNAI: The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Co-operation (BIMSTEC) is a regional organisation comprising seven member countries including India, Srilanka, Bangladesh, Myanmar, Thailand, Bhutan and Nepal established in 1997. BIMSTEC promotes co-operation in various sectors including Trade, Technology, Energy and Security, fostering closer ties among nations bordering the Bay of Bengal.This diverse group of nations collaborates to harness their collective potential for mutual economic and social development.

The India BIMSTEC Trade Council (IBTC), in association with the Ministry of Foreign Affairs and Myanmar inaugurated the Trade Office in Chennai. Experts from the business community of Tamil Nadu and other parts of the country attended the event. The chief guest was the Ambassador of the Republic of Myanmar in India, His Excellency H.E. U Moe Kyaw Aung. Myanmar is an active founding member country of the BIMSTEC. The newly inducted Chairman of IBTC, Dineshkumar Gurusamy, welcomed the diplomats and mentioned how this is a very appropriate platform for BIMSTEC as an institution to listen to and hear from excellencies and distinguished participants on the progress and challenges of cross-border connectivity in the BBIN region, which is very critical and also has a direct bearing on the overall progress.

Dineshkumar Gurusamy, Chairman of All-India BIMSTEC, the opportunities available for Indian businessmen in areas such as Mining, Solar Energy, Tourism, Hospitality Sector and Educational collaborations. These opportunities coincide with India's just-concluded G20 presidency, which concluded recently in New Delhi.

India BIMSTEC Trade Council is responsible for promoting investment and growth in collaboration with the trade ministries in respective countries. The delegates discussed the issues and prospects of bilateral economic cooperation, presenting several proposals aimed at joint implementation with the Chairman of the IBTC. The Ambassador of Myanmar mentioned bilateral political relations and praised the positive environment of India's 'Atma Nirbhar' initiative formed during the recent years. He mentioned that the visits of trade and business delegations from India have immensely contributed to better relations and will pave the way for opening diplomatic ties.

In a momentous stride towards strengthening bilateral ties and fostering regional cooperation, BIMSTEC India and Sri Lanka have inked Memoranda of Understanding (MOUs) of Trading of 90 million Eggs per month from Namakkal, 140 Tonnes Dry Chilli per week from Guntur (AP), 500 Tonnes Onion per week from Nasik (Maharashtra), Pulses, Grains, Minerals and Chemicals during a significant conference held today.

These MOUs signify a pivotal milestone in the relationship between the two nations, serving as a stepping stone to a promising future of collaboration. The MOUs focuses on enhancing trade and economic cooperation and planning. These agreements underscore the commitment of both nations to work hand in hand, paving the way for a host of ambitious plans on the horizon. As we witness these agreements come to fruition, we anticipate a bright future of mutual progress, prosperity, and strengthened diplomatic relations between India and Sri Lanka.

In recent months various BIMSTEC delegations have signed MOUs in the areas of Agroforestry, Tourism & Hospitality, Solar Energy and Pharmaceutical products.

Dineshkumar Gurusamy, Chairman of the All-India BIMSTEC Trade Council, said, "my objective is to elevate bilateral relations between India and All BIMSTEC nations to new heights. Our upcoming India BIMSTEC conference in November 2023 is expected to generate significant interest from the Indian side. During this event, we will actively promote India and its leadership programs, The screen put focusing on knowledge exchange, human capacity building, and the export of agricultural produce, with a special emphasis on the food processing sector, which holds immense potential in all BIMSTEC countries.”