Regional Digital Infrastructure Development by BIMSTEC Facilitating Economic Cooperation Among Member States
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is embarking on a digital transformation journey, aiming to position the region as a significant player in the global economics.
An agricultural technology transfer agreement is in the works, facilitating the sharing of advanced farming tools and techniques among BIMSTEC member states. This is just one aspect of BIMSTEC's broader digitalization agenda, which prioritizes cross-border digital linkages and interoperability.
The development of digital infrastructure platforms by BIMSTEC will streamline processes, reduce barriers, and enhance the efficiency of cross-border trade. To facilitate seamless e-commerce transactions, BIMSTEC is focusing on developing efficient local transportation methods and robust payment systems.
By accelerating technological cooperation, expanding e-commerce, developing digital infrastructure, and empowering the workforce, BIMSTEC aspires to drive a transformative digital journey that benefits all member states. A business-friendly regulatory framework is being supported to foster the growth of e-commerce within the region.
BIMSTEC's role in creating a digital public infrastructure is pivotal for regional economic collaboration and integration into the world economy. The development of this digital infrastructure aims to enhance connectivity and support various industry sectors, including fintech, edtech, agritech, and e-commerce.
The region's economic growth potential is significant due to its young and dynamic workforce, but skill levels currently need enhancement through cooperative models. BIMSTEC aims to empower its workforce through skill development initiatives, including the establishment of training, apprenticeship, and vocational education facilities, development of mutually recognized certifications, and implementation of reskilling and upskilling programs.
BIMSTEC also seeks to empower women as income earners by ensuring access to skill development, digital tools, financial services, and employment opportunities. Greater interactions among women from member countries will facilitate the exchange of best practices, creating a supportive ecosystem for women entrepreneurs.
India and Thailand, advanced in digitalization, could be significant contributors to the burgeoning digital economy of BIMSTEC. The ADB report on BIMSTEC Trade Facilitation Strategic Framework 2030 identifies key actions to improve cross-border movement of goods, including digitalization and automation of customs and clearance procedures, integration of relevant agencies into a unified system, expansion of risk management systems, and better compliance with international trade facilitation agreements.
BIMSTEC aims to strengthen trade facilitation measures and move towards a digitally enhanced trade facilitation regime, where the systems of respective countries communicate seamlessly. The establishment of the Technology Transfer Facility (TTF) to promote technological cooperation among its member states in fields such as biotechnology, nanotechnology, and pharmaceutical technology further underscores this commitment.
Looking ahead, BIMSTEC's digitalization efforts could lead to the creation of a unified e-commerce platform, helping local artisans and manufacturers access nearby markets more efficiently. By leveraging the burgeoning digital economy of Southeast Asia, projected to reach up to US$1 trillion by 2030, BIMSTEC countries can boost their economic growth and integration into the global economy.
