BIMSTEC: BAY OF BENGAL INITIATIVE FOR MULTI-SECTORAL TECHNICAL AND ECONOMIC COOPERATION: SWOT ANALYSIS FROM INDIAN PERSPECTIVES

Authors

DOI:

https://doi.org/10.55829/ijmpr.v3i4.247

Keywords:

BIMSTEC, Geopolitical Influence, Economic Integration, Regional Cooperation, Energy Security, Maritime Security, and Technological Advancement

Abstract

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a regional organization comprising seven member states: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand. Multi-sectoral cooperation can be seen in the case of BIMSTEC, which is the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation. Thus, this paper aims to analyze a comprehensive SWOT analysis of BIMSTEC based on the Indian perspective. They cover India's strategic considerations related to geopolitics, economic cooperation, energy security, and soft power. Finally, the literature review reveals that the tag is inclined towards the advancement of technology, the need for strong institutional frameworks, and competent ways of eradicating economic imbalance among the member nations. Based on the study, it can be concluded that there are inherent opportunities for cooperation within BIMSTEC, but the issues of geopolitical competition, problems with the organization's management, and political unpredictability should be solved. Finally, the paper provides suggestions to make BIMSTEC a more effective organization with a better institutional basis to support members, inclusive growth for the region's people, better connectivity, optimum use of energy resources, and target environmental conservation. Therefore, India has a significant opportunity to ensure turning BIMSTEC into an active and efficient organization, which will help to provide stability, security, and further developments in the South Asian region in the Bay of Bengal.

References

Basu Ray Chaudhury, A., & Chatterji, M. (2019). Maritime Security in the Bay of Bengal: The Role of BIMSTEC. Journal of Regional Security Studies, 8(2), 101-120.

Bhatia, R. (2017). BIMSTEC: Evolution and Prospects. In South Asian Regional Integration (pp. 45-63). Springer.

Bhowmick, S., & Basu, P. (2020). BIMSTEC and the Fourth Industrial Revolution: The Role of Technology in Regional Development. ORF Issue Brief No. 344, Observer Research Foundation.

Chaudhury, A. B. R., & Rai, S. K. (2020). BIMSTEC: An Idea Whose Time Has Come? ORF Issue Brief No. 164, Observer Research Foundation.

De, P. (2021). Regional Integration in the Bay of Bengal: Opportunities and Challenges. BIMSTEC Economic Outlook, 4(1), 67-89.

Ghosh, P. (2021). Connectivity and Regional Integration: The Role of Infrastructure in BIMSTEC. Asian Journal of Transport and Infrastructure, 9(3), 234-250.

Hossain, M. (2013). The Impact of a BIMSTEC Free Trade Area: A CGE Analysis. Journal of Economic Integration, 28(4), 636-665.

Marwah, S., Singh, R., & Patel, D. (2022). Political Economy of Trade in BIMSTEC: A Contemporary Perspective. Journal of International Trade and Development, 11(1), 75-92.

Mukherjee, R. (2021). Economic Integration and Trade Facilitation in BIMSTEC. Trade and Development Review, 13(2), 112-134.

Sengupta, A. (2017). The Economic Potential of BIMSTEC. In Economic Cooperation in South Asia (pp. 99-118). Palgrave Macmillan.

Sharma, R. (2021). Cultural and Historical Ties in BIMSTEC: Strengthening Regional Unity. Journal of South Asian Studies, 12(3), 345-359.

Singh, A. (2020). Disaster Management and Climate Change: A BIMSTEC Perspective. Environmental Policy Journal, 15(4), 278-290.

Downloads

Published

29-10-2024

How to Cite

Mahida, R. (2024). BIMSTEC: BAY OF BENGAL INITIATIVE FOR MULTI-SECTORAL TECHNICAL AND ECONOMIC COOPERATION: SWOT ANALYSIS FROM INDIAN PERSPECTIVES. International Journal of Management, Public Policy and Research, 3(4), 7–15. https://doi.org/10.55829/ijmpr.v3i4.247

Issue

Section

Articles