KATHMANDU: Minister for Industry, Commerce, and Supplies, Damodar Bhandari, departed for New Delhi today on a three-day official visit to India.
He is attending the Business Summit of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC).
The Ministry of External Affairs of the Government of India, in association with the Confederation of Indian Industries (CII), is hosting the 1st BIMSTEC Business Summit in New Delhi from August 6-8, 2024.
During the Summit, discussions will focus on leveraging BIMSTEC to promote Nepal’s trade and business, as well as enhancing trade benefits with India, according to Minister Bhandari’s private secretariat.
Minister Bhandari’s participation is expected to enhance Nepal’s access to South Asian and East Asian regional preferential markets, helping mitigate the economic impact following Nepal’s graduation to developed country status.
Nepal anticipates that the Summit will expand export markets, enhance regional value chain linkages, facilitate trade, improve customs cooperation, reduce trade and logistics costs, and boost regional investment.
Additionally, the Summit is expected to increase tourism and the 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 BIMSTEC member countries.
The Ministry of External Affairs of India stated that the event will bring together more than 300 key stakeholders from across the Bay of Bengal region to facilitate economic collaboration and explore future opportunities in areas such as trade facilitation, regional connectivity, energy security, inclusive growth, and sustainable development.
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