Myanmar is hosting the third Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) summit Royal Kumudra Hotel in Nay Pyi Taw from March 1 to 4.
“We need to cooperate in energy security, energy stability as well as research and development. We have energy and agricultural resources but we need technical assistance,” said Pe Zin Tun, Director-General of the Ministry of Energy.
BIMSTEC is a regional economic partnership that includes Bangladesh, India, Myanmar, Sri Lanka, Thailand, Bhutan and Nepal. The bloc aims to create cooperation in multiple sectors including trade, investment and energy.
The current BIMSTEC summit is discussing fourteen sectors including trade and investment, transportation, tourism, energy, agriculture, poverty reduction and culture among others. Myanmar is responsible for energy and agriculture sectors.
Among the BIMSTEC countries, Thai and Indian companies are already investing in Myanmar’s oil and gas reserves and are willing to participate in other renewable energy sectors.
“When inviting the energy companies, we offer any companies from abroad. But every country being invited needs to have technical advantages,” Pe Zin Tun added.
At the BIMSTEC senior officials meeting, representatives agreed to establish a secretariat office in Bangladesh and the ambassador to Sri Lanka will serve as the first secretary general of the regional bloc.
“We have a plan to sign two MoA and one MoU to establish BIMSTEC’s Secretariat Office, a meteorology and hydrology department and cultural department,” said Aung Kyaw Zan, from the Ministry of Foreign Affairs.
The first BIMSTEC summit was held in Bangkok in 2004 and the second was held in New Delhi in 2008. The group plans to create a free trade area before 2018.
source: Eleven Myanmar