Bengaluru: The BIMSTEC Secretariat and the Indian government have officially signed the Host Country Agreement to establish the BIMSTEC Energy Centre (BEC) in Bengaluru. This significant development was announced in a press release issued by BIMSTEC today, highlighting the formal signing conducted by BIMSTEC Secretary General Indra Mani Pandey and the Secretary (East) of the Indian External Affairs Ministry.
According to Bangladesh Sangbad Sangstha, the establishment of the BEC is a crucial move towards enhancing regional cooperation in the energy sector within the BIMSTEC framework, an initiative led by India. India also spearheads the Security and Disaster Management Sectors within BIMSTEC. The BEC aims to manage a regional energy database, conduct feasibility studies for intra-BIMSTEC projects, and foster cooperation by creating a framework for networking among national agencies of BIMSTEC member states.
The BEC is set to play a pivotal role in promoting energy security through grid interconnections, adv
ancing renewable energy development, and achieving energy efficiency. Additionally, the Centre will focus on capacity building, fostering cross-border investments, and developing infrastructure for training in the energy sector. This initiative aligns with the Plan of Action for Energy Cooperation adopted at the BIMSTEC Energy Ministers’ Conference in 2005.
The Memorandum of Understanding for establishing the BIMSTEC Grid Interconnection has been active since April 2019. BIMSTEC policies concerning the Transmission of Electricity and the mechanisms for Trade, Exchange of Electricity, and Tariff Mechanism are currently being finalized, while discussions for a BIMSTEC Grid Interconnection Master Plan are ongoing.
BIMSTEC’s energy cooperation efforts are concentrated on promoting renewable energy, improving energy efficiency, developing cross-border energy trade, and facilitating grid interconnections. These initiatives aim to ensure energy security, transition to green energy, and promote sustainable developm
ent in the Bay of Bengal region. BIMSTEC brings together seven countries from the Bay of Bengal region: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand.
The organization pursues regional cooperation across seven broad sectors, including Agriculture and Food Security, Connectivity, Environment and Climate Change, People to People Contact, Science, Technology and Innovation, Security, and Trade, Investment and Development. Additionally, BIMSTEC’s cooperation extends to eight sub-sectors such as Blue Economy, Mountain Economy, Energy, Disaster Management, Fisheries and Livestock, Poverty Alleviation, Health, and Human Resource Development.