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

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.