Cabinet earmarks Bt275 million for hosting BIMSTEC meetings
A Cabinet meeting on Tuesday approved a budget of Bt275 million to organise the 6th Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) meeting and other related meetings in 2022, a news source revealed.
Founded in June 1997, BIMSTEC has seven members – Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand, which joined the grouping in December 1997.
“Hosting the BIMSTEC meeting will benefit Thailand in promoting long-term social and economic development among member countries, especially in terms of infrastructure, transportation and integration with a regional production chain under the Bio-Circular-Green economy model,” the source said.
“Furthermore, cooperation between members will help boost economic recovery after the fallout of Covid-19, by creating more jobs in key industries, such as technology, energy, tourism, fisheries and transportation, under the BIMSTEC framework.”
The source also said a study has shown that BIMSTEC members mostly rely on domestic production and consumption as their main economic driver, valued at around 55 to 70 per cent of total gross domestic product.
“It is estimated that in the future BIMSTEC members will develop a need for products and services from Thailand,” the source added.