In an attempt to strengthen Bay of Bengal initiative for multisector technical and economic cooperation (Bimstec) Alliance, Indian Prime Minister Narendra Modi has proposed to integrate India’s United Payment interface (UPI) with the payment systems in the Member States, which can potentially improve trade, trade and tourism throughout the region.
Bimstec is a regional organization formed on June 6, 1997 with the signing of the Bangkok declaration. Originally called the Bist-Eec (Bangladesh-India-Sri Lanka-Thailand financial cooperation), it later became Bimstec, which included Seven Member States After Myanmar joined December 22, 1997, followed by Bhutan and Nepal in February 2004.
“For regional development, physical connection must go hand in hand with digital and energy connection,” Said Modi During the sixth Bimstec summit in Bangkok on April 4.
“I would also like to propose the establishment of connection between India’s uniform payment interface (UPI) and the payment systems for the Bimstec Member States. Such integration would provide significant benefits over trade, industry and tourism, which improves economic activity at all levels,” Modi announced.
“India is Digital public infrastructure (DPI) has revolutionized the delivery of public services. It has significantly improved good control, increased transparency and accelerated financial inclusion. We would love to share our DPI experience with the Bimstec Member States. To take this forward, a pilot study can be conducted to better understand the specific needs and priorities in the Bimstec countries in this area, ”Modi added.
India’s flagship UPIan example of effectively Digital public infrastructure (DPI), recognized as one of the world’s most successful real -time payment systems. UPI is a system that integrates multiple bank accounts into a single Mobile app From all participating banks, which combine different banking functions, seamless fund transfers and trade payments to a platform. It has revolutionized financial transactionsMaking them faster, safer and more comfortable while strengthening individuals, small businesses and merchants.
UPI has played a key role in running India Digital transformation. In 2024, it facilitated approximately 172 billion transactions, which reflected an increase of 46% from 117.64 billion in 2023. This growth highlights the country’s cultural change to greater economic inclusion, with UPI as basic elements.
Modi said that Bimstec is an important bridge between South and Southeast Asia and is a powerful platform for promoting regional connection, collaboration and shared prosperity.
“It is a matter of great satisfaction that the Bimstec statute came into force last year. I am convinced that Bangkok Vision 2030, which we assume today, will promote our collective commitment to build a prosperous, safe and inclusive Bengal region,” he said.
“To further strengthen Bimstec, we must continue to expand its scope and improve its institutional capacity. It is encouraging to note that the Minister of the Minister’s mechanism is institutionalized. This forum can play an important role in the fight against cyber crime, cyber security threatTerrorism, drug trafficking and human trafficking. In this regard, I suggest that India is hosted for the first meeting in this mechanism later this year, ”Modi added.
Bengaluru-based Bimstec Energy Center has started operations, with Modi, which proposes to speed up efforts to achieve the electric network’s interconnection throughout the region.
“The Strides Made by Indian Scientists in the Field of Space Are a Source of Inspiration for Youth Across the Global South. We are ready to share expertise and experience with all Bimstec member states. In this regard, in propasa, the establishment of a Ground for a Ground for a Ground for a Ground for of Nano-Satellites, and Use of Remote Sensing Data for the Bimstec Countries, ”Modi announced.
The Prime Minister also suggested creating a Bimstec Chamber of Commerce, organizing annual business meetings and exploring trade promotion with local currencies within the region.
“For us, Bimstec is not just a regional organization. It is a model for inclusive development and collective security. It stands as proof of our shared commitments and the strength of our unit … I expand a warm welcome to Bangladesh As the incoming chairman of Bimstec and conveys my best wishes for his successful leadership, ”Modi added.
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