Indian Prime Minister Narendra Modi says India will grant the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation Secretariat USD 1 million to increase its operational budget to implement important projects in a timely manner.
Prime Minister Modi addressing the 5th Summit of the BIMSTEC in Colombo said it is important to achieve rapid progress in carrying out BIMSTEC FTA proposals in order to increase mutual trade.
The Indian Premier said exchanges between entrepreneurs and start-up firms of BIMSTEC nations must increase.
The Prime Minister said BIMSTEC must adopt international norms in areas of international trade facilitation.
Prime Minister Modi said the Indian Council for Research on International Economic Relations in collaboration with the Asian Development Bank will commence a programme to increase awareness amongst relevant officials.
The Indian Premier added the BIMSTEC master plan for transport connectivity complied by the ADB needs to be adopted and ensure the quick implementation of the master plan.
Prime Minister Modi noted it is important to set up legal framework for road connectivity.
The Prime Minister said the region is always under threat of natural disasters and therefore it is vital to collaborate on disaster management and disaster risk reduction.
The Indian Premier said the BIMSTEC Centre for Weather and Climate plays a crucial role and called on all nations to make the Centre more active.
Prime Minister Modi said India is ready to contribute USD 300 million to revive the work done by the Centre.
Prime Minister Modi also noted that education-related sustainable development goals are important factors of all national policies.
The Prime Minister said they are working on extending and expanding the scope of the BIMSTEC scholarship offered by the Nalanda University.