Public-private collaboration will increase trade efficiency: India

India’s Minister of State for External Affairs Pabitra Margherita has said public-private collaboration in maritime transport, waterways, railways, road connections and air cargo operations will increase trade efficiency in the region.

“More collaboration between the industry and BIMSTEC countries in science and technology, including in biotechnology, nanotechnology, information and communication technology, space technology applications, agriculture technology, food processing and pharmaceutical technology will be beneficial,” he said while speaking at the CII BIMSTEC Business Summit in New Delhi on Wednesday.

Margherita said their heritage, culture and traditions provide for many avenues of increasing tourism potential including via specialized tourist circuits and eco-tourism.

“Industry participation would assist in enhancing cultural cooperation through increased participation in the development of Buddhist Tourist Circuit and Temple Tourist Circuit in the BIMSTEC region,” he added.

The Ministry of External Affairs of the Government of India in association with Confederation of Indian Industries (CII) is hosting the 1st BIMSTEC Business Summit in New Delhi on August 6-8.

The first edition of the Business Summit aims to foster greater regional collaboration through robust trade and investment relations among the member countries of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).

Several Ministers of the BIMSTEC Member States from the ambit of Trade, Commerce and Industry, as well as Energy, along with high-ranking Government officials, policy makers, entrepreneurs and industry associations will participate in the event.

The event has brought together more than 300 key stakeholders from across the Bay of Bengal region to facilitate economic collaboration and explore ways ahead in focus areas such as trade facilitation, regional connectivity, energy security, inclusive growth and sustainable development.

India attaches great importance to the Bay of Bengal Initiative for Multi Sectoral Technical and Economic Cooperation (BIMSTEC) which links five countries from South Asia (Bangladesh, Bhutan, Nepal, India and Sri Lanka) and two from South-East Asia (Myanmar and Thailand).