BIMSTEC Pact: Transforming Bay of Bengal into Global Trade Hub

New Delhi, Jul 14 (PTI) Union Minister Sarbananda Sonowal on Monday said the government envisions the BIMSTEC Maritime Transport Pact as a blueprint to transform the Bay of Bengal into a global trade and tourism hub.

According to an official statement, the Ports, Shipping and Waterways (MoPSW) minister also said that joint feasibility studies of port-linked industrial zones will be launched soon.

Sonowal inaugurated the second edition of the BIMSTEC Ports Conclave on Monday in Vishakhapatnam.

"The BIMSTEC Ports Conclave stands as a springboard to unlock the immense potential of the Blue Economy from the Bay of Bengal region," the statement said.

According to the statement, the meeting aims to operationalise the recently signed BIMSTEC Agreement on Maritime Transport Cooperation (AMTC), facilitate dialogue on port-led development, and foster deeper integration in maritime trade, logistics, cruise tourism, and skill development.

The minister called for the speedy ratification of AMTC and its implementation.

Sonowal announced that a BIMSTEC Sustainable Maritime Transport Centre is going to be established under the Indian Ocean Centre of Excellence for Sustainable Maritime Transport (IOCE-SMarT) at the Maritime Training Institute in Powai, Mumbai.

Speaking about the Kaladan project, which is being discussed at the event, Sonowal said, "The Kaladan Multi-Modal Transit Transport Project stands as a transformative gateway, connecting India's Northeast to the Bay of Bengal, dramatically reducing transit time and trade costs while unlocking new economic opportunities for the region".

The event is being attended by policymakers, officials, maritime experts, port authorities, private sector stakeholders, and academic scholars from all seven BIMSTEC nations -- Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.