India hosted the first BIMSTEC Business Summit in the capital Delhi from 6 to 8 August. The Ministry of External Affairs has organized this three-day event in collaboration with the Confederation of Indian Industry (CII). The full name of BIMSTEC is 'Bay of Bengal Initiative for Multi Sectoral Technical and Economic Cooperation'. BIMSTEC is a regional organization of countries around the Bay of Bengal. External Affairs Minister S Jaishankar inaugurated the business summit. Several ministers, senior officials, policy makers, entrepreneurs and industry associations of BIMSTEC member countries from trade, commerce-industry and energy sectors participated in the program. Of its 7 members, 5 are from South Asia, including Bangladesh, Bhutan, India, Nepal and Sri Lanka. At the same time, two - Myanmar and Thailand are from Southeast Asia. BIMSTEC was established under the Bangkok Declaration, 1997. Its purpose is to create a positive environment to promote rapid economic development, social progress and establish coordination on issues of common interest in the countries bordering the Bay of Bengal. Initially it had four countries and its abbreviation was 'BIST-EC' (Bangladesh, India, Sri Lanka and Thailand Economic Cooperation). After the inclusion of Myanmar in 1997, its name was changed to 'BIMST-EC'. After the inclusion of Nepal and Bhutan in it in the year 2004, the name of the organization was changed to Bay of Bengal Initiative for Multi Sectoral Technical and Economic Cooperation. Pakistan also wanted to join it, but it has been kept out. The Confederation of Indian Industry (CII) was founded in 1895 as the Engineering and Iron Trades Association. In 1992, its name was changed to Confederation of Indian Industry. It is one of the oldest business groups in India, which represents the interests of Indian industries and businesses.