Remarks by MoS Shri. Pabitra Margherita at the CII BIMSTEC Business Summit (August 06, 2024)

Esteemed Ministers from BIMSTEC Member States,

H.E Shri Indra Mani Pandey, Secretary General, BIMSTEC,

Shri Sanjiv Puri, President, CII

Mr R Dinesh, Chairman, CII International Council, Confederation of Indian Industry

Mr Chandrajit Banerjee, Director General, Confederation of Indian Industry

Ladies and Gentlemen,

It is a great pleasure to be a part of the inaugural BIMSTEC Business Conclave. The timing of this event is appropriate, coming as it does after the 2nd BIMSTEC Foreign Ministers' Retreat, which I had the honour attend, and in the lead-up to the 6th BIMSTEC Summit which is less than a month away.

I am confident that this event will impart more momentum to the growing BIMSTEC process and underline India's commitment to it.

I observed that the BIMSTEC Business Forum is bringing important representatives from the public and private sectors, policy makers and think tanks, industry and academia, trade associations and individual investors on the same platform.

Over the course of the event, your expertise and experience, ranging over a wide gamut of issues, from traditional areas of focus such as MSMEs and Trade Facilitation to emerging areas such as Blue and Mountain Economy, would give a positive impetus to increased trade between our nations. The economic focus is in line with the direction of our leaderships.

I am also encouraged by the fact that Gender Mainstreaming is part of the agenda of the Business Summit.

It is in line with Hon'ble Prime Minister Narendra Modi's vision of development that is not just women-centric but also women-led. Women-led development was also an integral component of India's G20 Presidency and is imperative for sustainable development.

The BISMTEC region accounts for almost 25% of the world's population, abundant in resources, both natural and human.

Greater Collaboration amongst us promises to be a shining example of the Global South coming together for the shared goal of development and prosperity of our peoples.

At the BIMSTEC Ministerial Retreat last month, we recognized the importance of capacity building, economic cooperation and connectivity.

Such a focus would infuse new energy and commitment into our cooperation. Our discussions focused on the areas of trade, health, space, digital public infrastructure and societal exchanges. We emphasized on the need for a shared and ambitious BIMSTEC Vision, building on our complementary strengths and amiable membership.

People, ideas and cargo have traversed the lengths and breadths of BIMSTEC countries for centuries. This continues to be reflected in not just the strong cultural ties, but also the shared values that brings this region together.

How we leverage this shared history and ethos into inclusive and sustainable growth for all in the region, as envisioned by BIMSTEC leaders, is the challenge facing us today.

The space for rapid, sustained growth is shrinking in today's world that is marred by many challenges.

Unequal globalization has resulted in the over-concentration of technology and manufacturing, rendering a lack of resilience and reliability in supply chains today.

Supply chains have fragmented and control over them is becoming increasingly weaponized. BIMSTEC should play a big part in technology-led re-globalisation effort that provides alternate pathways and possibilities.

The after effects of the Covid-19 pandemic have still not completely worn off. Conflicts have exacerbated these imbalances.

Our part of the world is at acute risk of climate change related disruptions. Risks of debt, inflation and foreign exchange imbalances are also a consequence of unsustainable practices. A business-as-usual approach is fraught with risk.

Friends,

BIMSTEC holds a very special significance for India. It lies at the heart of our Neighbourhood First, Act East and SAGAR policies.

The last decade has given India strong growth along with fiscal prudence, appetite for reform, able governance, progress in digital and physical infrastructure, rapid and appropriate skilling of our population and a vibrant spirit of innovation and entrepreneurship.

In India, we are prioritizing skill development and capacity building initiatives to harness the potential of our youth.

To this effect, we have today 1600 Global Capability Centers which are fast evolving into strategic assets driving innovation, digital transformation, and business value. Learnings from these can be of tremendous advantage to the whole region.

Another aspect that would strengthen BIMSTEC collaboration would be a commitment towards much larger intra-regional trade figures than what we do currently. And the business community plays an essential role in this regard. Another aspect is laying the basis for digital connectivity so as to ensure that the region reaps greater digital dividends.

India's digital transformation has been enabled by a safe, secure, trusted, accountable and inclusive digital public infrastructure. India's DPI is respectful of personal data, privacy and IPR.

Adoption of the same by the region will foster ease of doing intra-BIMSTEC business exchanges.

Friends,

The sixth BIMSTEC Summit that will happen later this year in Thailand will play a vital role in laying a roadmap for the future of our cooperation.

As I have already stated, there exists vast potential for BIMSTEC countries to develop and expand their trade and investment basket. A future Free Trade Agreement (FTA) will strengthen intra-regional trade.

Enhanced agricultural cooperation, including the use of innovative technologies and private sector participation can play a greater role in finding solutions for the common challenges facing us.

A cost-effective and a robust connectivity ecosystem amongst BIMSTEC nations will allow for a smooth flow of goods, services, technology and people across the region.

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.

Our 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.

Friends,

The true spirit of Vishwa Bandhu is reflected in our Government's philosophy of Sabka Sath, Sabka Vikas. This is also a commitment abroad as seen in our the development projects that we have undertaken.

India is committed to lean on its growth story to fast track means of unlocking opportunities and potentialities for the entire region in these uncertain times.

One of the tasks of the CII BIMSTEC Business Summit would be to formulate how each country could leverage its unique strengths to buttress the regional economic system, make it more stable and predictable, ensure its resilience and prosperity.

In this endeavor, I recommend looking beyond the role of the Government in forging linkages and partnerships. While the Governments of the BIMSTEC Member States are engaging to provide the right policy framework, private sector also plays a key role in this collective journey towards shared prosperity.

I am confident that the engaging discussions of this forum will result in suggestions that are concrete, practical and actionable.

I wish you all the best in your deliberations.

Thank you.

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