Chandra Prasad Dhakal, President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), has proposed the establishment of a BIMSTEC Infrastructure Development Fund. This proposal was put forth 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 on Wednesday in New Delhi.
Dhakal emphasized the necessity of a regional infrastructure fund to provide member states with the resources needed to develop essential infrastructure. He argued that this development is crucial for promoting trade facilitation and enhancing cross-border linkages. "When all member states of the BIMSTEC region develop, we will have a stronger voice in international forums and be able to collectively bargain with more authority during international meetings," Dhakal stated.
Dhakal highlighted the strategic importance of the East-West Highway in Nepal for regional connectivity. He proposed connecting Bangladesh to the central region of India and linking Myanmar and India through the Kaladan project. Additionally, he suggested the development of a railway project parallel to the East-West Highway to facilitate the movement of people and goods.
Stressing the need for improved border infrastructure, Dhakal called for the development of integrated check posts to simplify customs procedures within the region. He also emphasized the importance of developing dry ports for landlocked countries like Nepal and Bhutan, noting that enhanced connectivity to these ports would help lower trade costs and improve overall connectivity.
Dhakal further discussed the necessity for the smooth operation of existing airports in landlocked countries such as Nepal. He urged BIMSTEC member nations to engage in discussions to enhance regional air connectivity.
"Trade facilitation is the backbone of sustainable development," Dhakal asserted. He called for the simplification and harmonization of trade procedures among BIMSTEC states to maximize benefits. By improving trade processes, Dhakal believes the region can enhance its competitiveness in the global market. While acknowledging the significant initiatives already undertaken in the BIMSTEC region, he emphasized that much work remains. Dhakal encouraged continued dialogue among all member states to explore effective solutions.
The proposal for a BIMSTEC Infrastructure Development Fund marks a significant step towards integrated connectivity and regional cooperation among BIMSTEC member states.
