1. Making BIMSTEC a Regional Vehicle for Nepal’s Economic Growth
- Author:
- Sunil KC
- Publication Date:
- 05-2021
- Content Type:
- Special Report
- Institution:
- East-West Center
- Abstract:
- Recently, the government of Nepal, led by Nepal Communist Party Chairman KP Sharma Oli who ascended to power in 2018, came up with an integrated foreign policy that reflects rapid changes in both the domestic and geopolitical spheres. The new foreign policy has shifted from a traditional course to a modern one with “Economic Diplomacy” as the main driver. With the slogan of “Happy Nepali, Prosperous Nepal”, Foreign Minister Pradeep Kumar Gyawali has prioritized engagement with regional groupings. It is in this context that the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation or (BIMSTEC), established in 1996, with a permanent secretariat in Dhaka, Bangladesh, could serve as an important platform in achieving Nepal’s foreign policy goals of development and prosperity. Nepal became a member of BIMSTEC in 2004.. BIMSTEC acts as a vital bridge for Nepal to connect with South and Southeast Asia to expand its trade, economy, business, investments, and cultural connections. However, due to an unstable domestic political environment, Nepal has not been utilizing regional forums in advancing the nation’s interest. Now, with a stable government in power, Nepal must look at regional forums as important gateways for conducting business and national development.
- Topic:
- Foreign Policy, Development, Geopolitics, and Economic Growth
- Political Geography:
- South Asia, Nepal, and Southeast Asia