PM Modi declared that India would provide $1 million to the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) to increase its operational budget. Addressing the fifth BIMSTEC Summit virtually, PM Modi said, “India will provide the BIMSTEC secretariat $1 million to increase its operational budget. It is necessary to strengthen the capacity of the BIMSTEC secretariat.”

“We should also increase exchanges between entrepreneurs and startups of our countries and try to adopt international norms in Trade Facilitation. Make the Bay of Bengal a bridge of connectivity, a bridge of prosperity, a bridge of security as the area is facing challenges of health and economic security,” he said. The PM also said, “The BIMSTEC Center for Weather and Climate is an important organisation for cooperation on disaster management and disaster risk reduction. I would urge your support to make this more active. India is willing to contribute $3 million to restart the work of this centre.”