BIMSTEC Business Summit: FNCCI President proposes infrastructure development fund

KATHMANDU: Federation of Nepalese Chambers of Commerce and Industry (FNCCI) President Chandra Prasad Dhakal has proposed the establishment of a BIMSTEC Infrastructure Development Fund.

Dhakal emphasised the need for this fund during a session titled ‘Promoting Trade Facilitation in the BIMSTEC through Improved Cross Border Linkages and Trade Infrastructure’ at the BIMSTEC Business Summit 2024, held in New Delhi, India, on Wednesday.

He mentioned that a regional infrastructure fund is necessary to help member states access resources to develop the infrastructure needed to promote trade facilitation and improve cross-border linkages. Dhakal also stated that when all member states of the BIMSTEC region develop, the region will have a stronger voice in international forums and be able to collectively bargain with more authority during international meetings. This is why a BIMSTEC Infrastructure Development Fund is needed to develop more integrated connectivity among BIMSTEC member states, he asserted.

Dhakal also mentioned that the East-West Highway in Nepal can be utilised for regional connectivity by connecting Bangladesh to the central region of India, as well as linking Myanmar and India through the Kaladan project. He added that a railway project could also be developed corresponding to the East-West Highway, facilitating the movement of people and goods.

The FNCCI President also stressed the necessity to develop border infrastructure, such as integrated checkposts, to simplify customs procedures within the region.

Similarly, he spoke about the need to develop dry ports, especially for landlocked countries like Nepal and Bhutan, and how connectivity to these ports must be improved to help lower trade costs and enhance overall connectivity.

Dhakal also mentioned the need for the smooth operation of existing airports for landlocked countries like Nepal and urged all BIMSTEC member nations to foster discussions around enhancing regional air connectivity.

He said, "Trade facilitation is the backbone of sustainable development, and we must simplify and harmonise trade procedures among BIMSTEC states to reap the benefits." He added, "By improving our trade processes, we will be able to enhance our competitiveness in the global market. While important initiatives have been undertaken in the BIMSTEC region, there is still much to be done." Dhakal encouraged dialogue among all BIMSTEC member states to explore solutions.

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