From August 6 to 8, India will host the inaugural Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Business Summit in its national capital. The Business Summit will take place here, hosted by the Ministry of External Affairs (MEA) and the Confederation of Indian Industries (CII).

S Jaishankar, Minister of External Affairs, will launch the Business Summit. Piyush Goyal, Union Minister of Commerce and Industries, will make the keynote presentation, as will others.

The inaugural Business Summit intends to develop stronger regional collaboration via healthy trade and investment links among BIMSTEC member nations, according to a MEA statement released on Monday.

The event will be attended by a number of BIMSTEC Member States' Ministers of Trade, Commerce, Industry, and Energy, as well as high-ranking government officials, policymakers, entrepreneurs, and industry groups.

The event will bring together over 300 important players from throughout the Bay of Bengal region to promote economic collaboration and explore next steps in areas such as trade facilitation, regional connectivity, energy security, equitable growth, and sustainable development.

"India attaches great importance to BIMSTEC which links five countries from South Asia (Bangladesh, Bhutan, Nepal, India and Sri Lanka) and two from South-East Asia (Myanmar and Thailand)," according to the statement.