Government officials from member countries of the multilateral forum Bimstec (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) have pitched for the need for a greater role of the private sector to boost inter-regional trade.

Member countries in Bimstec are Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand. At an Indian Chamber of Commerce organised conclave in Calcutta on Tuesday, officials from Thailand have proposed setting up a business advisory council to allow the private sector to participate in a more meaningful way towards the development of Bimstec as it looks to increase intra-regional trade which stood at $70 billion in 2021.

“One of Thailand’s priorities as chair of Bimstec is to enhance the role of businesses in our organisation.

“Even though there is already a mechanism that enables the participation of the private sector in the Bimstec, this existing mechanism could and should be redesigned to provide more room for the private sector to manoeuvre and be more creative and provide a more meaningful contribution,” said Vijavat Isarabhakdi, vice-minister, foreign affairs, Kingdom of Thailand, Royal Thai Government.