New Delhi, March 23 There is a need to create regional dependence rather than relying on global supply chains, whether in energy security, health security, or other areas. BIMSTEC Secretary General Indra Mani Pandey said this, according to a statement issued by Assocham on Monday.
The key business chamber, Assocham, has revitalized the India Secretariat of the BIMSTEC Business Council by launching the India leadership for the council, it said.
The Associated Chambers of Commerce and Industry of India (Assocham) has reinforced India's commitment to BIMSTEC, reflecting its strategic vision of strengthening regional cooperation in the Bay of Bengal region as part of its "Neighbourhood First" and "Act East" policies, the statement said.
"We need to create regional dependence rather than depending on global supply chains, whether in energy security and health security, etc. We can deal with such challenges working together," Pandey said in the statement.
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organization that was established in 1997 with the signing of the Bangkok Declaration.
Its members are Bangladesh, Bhutan, India, Nepal, Sri Lanka, Myanmar, and Thailand.
India, as a founding member of BIMSTEC, has consistently played a proactive role in advancing connectivity, trade facilitation, energy cooperation, and capacity building among member states, the statement said.
India's support for institutional strengthening, including the BIMSTEC Secretariat, and its emphasis on inclusive growth, resilient supply chains, and sustainable development underscore its long-term commitment to making BIMSTEC a vibrant and effective regional grouping, it said.
In his opening address, Tribhuvan Darbari, India Chair, BIMSTEC Business Council, said, "BIMSTEC represents a USD 5 trillion opportunity. The time is ripe to unlock this potential through deeper trade integration, stronger supply chains, and seamless connectivity. The real opportunity within BIMSTEC lies in converting policy alignment into business outcomes."
Saurabh Sanyal, Secretary General, Assocham, said, "This marks not just an institutional milestone, but a lasting commitment to businesses across seven nations. Our focus is on turning intent into action through robust industry-government collaboration."
Ambassador of Nepal to India Shankar Prasad Sharma, Counsellor (Economic), Royal Bhutanese Embassy, New Delhi, Penday Dorji, among other diplomats, participated in the deliberations.