The Host Country Agreement for the establishment of the BIMSTEC Energy Centre (BEC) in Bengaluru has been signed by the Indian government and the BIMSTEC Secretariat.
According to a BIMSTEC press statement issued here today, it was signed on Friday by the Secretary (East) of the Indian External Affairs Ministry and BIMSTEC Secretary General Indra Mani Pandey on behalf of their respective parties.
BEC’s formation has been viewed as a step towards advancing regional energy cooperation within the India-led BIMSTEC framework. According to the publication, India also leads the security and disaster management sectors.
The BEC will manage a regional energy database, conduct feasibility studies for intra-BIMSTEC projects and enhance cooperation by preparing a framework for networking among national agencies of BIMSTEC member States.
It will promote energy security through grid interconnections, renewable energy development and realization of energy efficiency. Moreover, the Centre will foster capacity building, cross-border investments and infrastructure development for training in energy sector.
It should be mentioned that the BIMSTEC Energy Ministers’ Conference in 2005 adopted a Plan of Action for Energy Cooperation.
Since April 2019, the Memorandum of Understanding for the BIMSTEC Grid Interconnection has been in effect.
While a BIMSTEC Grid Interconnection Master Plan is being discussed, the BIMSTEC policies for Tariff Mechanism, Trade, Exchange of Electricity, and Transmission of Electricity are being finalised.
BIMSTEC Energy Cooperation has focused on promoting renewable energy, improving energy efficiency, developing cross-border energy trade and undertaking grid interconnections, which aim to ensure energy security, transition to green energy and sustainable development in the Bay of Bengal region.
BIMSTEC comprises seven countries of the Bay of Bengal region: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.
Agriculture and food security, connectivity, the environment and climate change, people-to-people contact, science, technology, and innovation, security, and trade, investment, and development are the seven main areas in which it seeks regional collaboration.
Eight sub-sectors are also covered by the partnership: Poverty Alleviation, Energy, Fisheries and Livestock, Disaster Management, Blue Economy, Mountain Economy, and Health and Human Resource Development.
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