Minister Damodar Bhandari Departs for New Delhi to Attend BIMSTEC Business Summit

Minister for Industry, Commerce and Supplies Damodar Bhandari departed for New Delhi today for a three-day official visit to India. Minister Bhandari’s visit aims to participate in the Business Summit of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), scheduled to take place from August 6-8, 2024.

The 1st BIMSTEC Business Summit is being hosted by the Ministry of External Affairs of the Government of India in association with the Confederation of Indian Industries (CII). The summit will serve as a platform for member countries to discuss and promote regional collaboration and economic development.

During the summit, Minister Bhandari will represent Nepal in discussions focusing on the benefits that BIMSTEC can offer for promoting Nepal’s trade and business. Topics will include the enhancement of trade benefits with India, as stated by Minister Bhandari’s private secretariat.

Minister Bhandari’s participation is anticipated to strengthen Nepal’s access to the South Asian and East Asian regional preferential markets. This is particularly significant as Nepal transitions to developed country status, seeking to mitigate potential economic losses.

Nepal’s objectives for the summit include expanding export markets, enhancing linkages in the regional value chain, facilitating trade, increasing customs cooperation, reducing trade and logistics costs, and fostering regional investment growth. Additionally, the summit is expected to boost tourism and the export of various services, including information technology.

The inaugural edition of the BIMSTEC Business Summit aims to foster greater regional collaboration through robust trade and investment relations among member countries. The Ministry of External Affairs of India noted that the event will gather over 300 key stakeholders from across the Bay of Bengal region to facilitate economic collaboration and explore advancements in areas such as trade facilitation, regional connectivity, energy security, inclusive growth, and sustainable development.

Minister Bhandari’s participation underscores Nepal’s commitment to regional cooperation and economic development, with high hopes for tangible benefits from this significant international engagement.