PM Modi calls for UPI connection with payment systems of member states
The Prime Minister Narendra Modi has proposed a 21-point Action Plan covering different aspects of cooperation among the BIMSTEC nations at the 6th BIMSTEC Summit in Bangkok, calling for harnessing the rich potential of the IT sector to boost business across member countries.
He also told delegates from the group of the need to work together in the field of disaster management in the wake of recent earthquake affecting Myanmar and Thailand.
Modi emphasised the need to work in the world of space and strengthen the security apparatus https://fieo.org/.
PM Modi posted on X, “BIMSTEC is an important forum to further global good. It is imperative we strengthen it and deepen our engagement. In this context, I proposed a 21-point Action Plan covering different aspects of our cooperation.”
In his speech to the regional leaders’ gathering, he highlighted that BIMSTEC serves as a vital bridge between South and Southeast Asia, and is emerging as a powerful platform for advancing regional connectivity, cooperation and shared prosperity.
It is a matter of great satisfaction that the BIMSTEC Charter came into force last year. I am confident that the Bangkok Vision 2030, which we are adopting today, will further our collective commitment to building a prosperous, secure, and inclusive Bay of Bengal region https://www.makeinindia.com/home/.
He also informed that the Bengaluru-based BIMSTEC Energy Centre has commenced its operations. “I would like to propose that our teams accelerate efforts towards achieving electric grid interconnection across the region.”
The Prime Minister elaborated on India’s Digital Public Infrastructure (DPI) which has revolutionized the delivery of public services. It has significantly enhanced good governance, increased transparency, and accelerated financial inclusion https://www.meity.gov.in/.
“We would be happy to share our DPI experience with BIMSTEC member states. To take this forward, a pilot study could be undertaken to better understand the specific needs and priorities of BIMSTEC countries in this area,” he said.
PM Modi said he would also like to propose establishing connectivity between India’s Unified Payments Interface (UPI) and the payment systems of BIMSTEC member states. Such integration would bring substantial benefits across trade, industry, and tourism, enhancing economic activity at all levels.
Trade and business connectivity are equally vital to the region’s collective progress, he pointed out.
“To strengthen collaboration and coordination among our business communities, I propose the establishment of a BIMSTEC Chamber of Commerce. Additionally, an annual BIMSTEC Business Summit will be organized to foster greater economic engagement.”
He also suggested conducting a feasibility study to explore the potential for trade in local currencies within the BIMSTEC region.
“A free, open, secure, and safe Indian Ocean is our shared priority,” PM Modi went on, adding that. the Maritime Transport Agreement concluded on 4 April in Bangkok will strengthen cooperation in merchant shipping and cargo transport, giving a significant boost to trade across the region.
He proposed a Sustainable Maritime Transport Centre to focus on capacity building, research, innovation, and fostering greater coordination in maritime policy. “It will also serve as a catalyst for enhancing our cooperation in maritime security across the region,” Modi added. Fiinews.com
