Nepal explores economic partnerships at BIMSTEC Business Summit

The BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) Business Summit, first of its kind, took place in New Delhi from Aug 6-8. For Nepal, the summit was an opportunity to showcase commitment to regional collaboration and to engage with key stakeholders; a pivotal moment for exploring new avenues for economic and educational partnerships.

Founded in 1997, BIMSTEC was designed to promote collaboration among South Asian and Southeast Asian countries. The event attracted a diverse range of leaders, policymakers, and industry experts, all gathered to discuss and strategize on the future of economic cooperation in the region, underscoring the increasing importance of regional partnerships and collective action in driving sustainable development.

A highlight of the summit was the presence of the Nepali delegation, which included the Minister for Industry, Commerce, and Supplies, Damodar Bhandari, and leading Nepali businesspeople such as President of Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Dhakal, Senior Vice-president Anjan Shrestha, former president Bhawani Rana and Shesh Raj Bhattarai, President of the Educational Consultancy Association of Nepal (ECAN) among others.

Bhattarai says, “The summit was a pivotal event, gathering some of the most influential figures and thought leaders from South and Southeast Asia.”

While Rana highlighted the urgent need to enhance women’s access to capital, skills development, and mentorship and advocated for leveraging the full potential of women to drive regional economic growth and foster inclusive development.

Similarly, senior Vice-president Shrestha detailed strategies to improve educational infrastructure by advocating for advanced institutions and regional collaboration to enhance learning outcomes and innovation. Shrestha also proposed significant advancements in healthcare, emphasizing the potential of telemedicine and digital health solutions. 

They offered insights into the blue and mountain economies, discussing how sustainable practices in managing marine and mountainous resources could drive economic growth for Nepal, Bhutan, and India. They proposed establishing an MSME Development Center within BIMSTEC to support micro, small, and medium enterprises with resources and training, thus enhancing their growth and contribution to the regional economy.

One of the summit’s major accomplishments was the establishment of the BIMSTEC Chamber of Commerce, a development that promises to enhance economic collaboration and integration among member countries. 

In the summit, Indian Minister of Commerce and Industry Piyush Goyal emerged as a central figure, delivering a presentation that emphasized India’s growing role as a global economic leader. Goyal’s address outlined a vision for how Nepal could enhance its role within the BIMSTEC framework, particularly in the tourism sector. He emphasized the potential for Nepal to become a leading destination in the region, leveraging its unique assets to drive growth and collaboration among BIMSTEC countries. 

Bhattarai of ECAN addresses some areas that could benefit from improvement to enhance Nepal’s future participation, such as the noticeable absence of experts and financial commentators from Nepal. He suggests their presence could enrich discussions and provide valuable insights, showcasing Nepal’s engagement with global economic issues. Additionally, the Nepal Embassy in New Delhi could play a more proactive role in facilitating Nepal’s involvement.

Bhattarai also suggests holding better pre-event briefings that would ensure delegates are well-aligned with the summit’s objectives and post-event follow-ups that would help capitalize on the opportunities and connections created. “This approach would also facilitate better evaluation and planning for future engagements,” he says.