The Government of India has urged the Bay of Bengal Initiative for Multi-Sector Technical and Economic Cooperation (BIMSTEC) member countries to collectively develop a strategy for financing and implementing the BIMSTEC Master Plan for Transport Connectivity, which was finalized at the 17th BIMSTEC Ministerial Meeting held on 1 April 2021. Mr. Harsh Vardhan Shringla, Foreign Secretary of the Government of India, noted that work on this matter has already started with the first consultative workshop on financing of the Master Plan organized by the Asian Development Bank.

The Master Plan indicates 267 projects for construction, expansion, and modernization of transport infrastructure. It involves an estimated cost of $126 billion to create a seamless multimodal transport system across the subregion to enhance mobility of goods and people. It identifies both hard and soft infrastructure in the BIMSTEC subregion. The comprehensive plan also includes necessary capacity building, transport access agreements, and the harmonization of rules, regulations, policies, and measures related to transport between and among BIMSTEC countries.

The Foreign Secretary also noted progress made by BIMSTEC on finalizing the BIMSTEC Coastal Shipping Agreement and the BIMSTEC Motor Vehicles Agreement. These would provide the legal framework for enhanced connectivity in the region.

The Asian Development Bank (ADB) supported the development of the Master Plan for Transport Connectivity through the technical assistance, “Support for BIMSTEC II.”

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India asks BIMSTEC nations to work on strategy for financing master plan for transport connectivity