KATHMANDU – Minister for Industry, Commerce and Supplies Damodar Bhandari today left for New Delhi on a three-day official visit to India.
He left for the Indian capital to take part in the Business Summit of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) taking place there. 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 06-08 August 2024.
In course of the Summit, discussions will be held on behalf Nepal on the topic of the benefits that could be taken from BIMSTEC for the promotion of Nepal’s trade and business as well as the topic of trade benefits with India, Minister Bhandari’s private secretariat said.
It is expected that Minister Bhandari’s participation in the Summit will support in enhancing Nepal’s access to the South Asian and East Asian Regional preferential market, which will help reduce the loss to Nepal after its graduation to a developed country status.
Nepal’s expectation from its participation in the Summit is that market for export of goods would be expanded, Nepal’s linkages in the regional value chain would be enhanced, trade would be facilitated, customs cooperation increased and trade and logistics cost would be reduced and the regional investment would grow.
Similarly, it is expected to lead to an increase in tourism flow and export of various services including information technology services.
The first edition of the Business Summit aims to foster greater regional collaboration through robust trade and investment relations among the member countries of BIMSTEC, the Ministry of External Affairs of India said.
The event will bring together more than 300 key stake holders 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.
