In the Age of Globalization 4.0: BIMSTEC, Sri Lanka, and Technology
| Published date | 01 June 2023 |
| DOI | http://doi.org/10.1177/09735984231161727 |
| Author | Pratnashree Basu,Soumya Bhowmick |
| Date | 01 June 2023 |
| Subject Matter | Articles |
Jadavpur Journal of
International Relations
27(1) 66 –89, 2023
© 2023 Jadavpur University
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DOI: 10.1177/09735984231161727
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Article
In the Age of
Globalization 4.0:
BIMSTEC,
Sri Lanka, and
Technology
Pratnashree Basu1 and Soumya Bhowmick1
Abstract
The age of globalization ushered in by the fourth industrial revolution
has completely transformed the way individuals in an economy operate
and interact with one another. At the helm of this revolution lies
technological innovation. The article tries to evaluate the progress
made by member states of the Bay of Bengal Initiative for Multi-
Sectoral Technical and Economic Co-operation (BIMSTEC) with regard
to technological enhancement. It also evaluates how Sri Lanka, which
has been entrusted with the responsibility of leading the technological
revolution in the region has progressed and what challenges lie ahead
for the regional bloc. This article explores the importance of technology
imports and the high digital skill levels in the workforce, and how these
will be instrumental in the economic growth of nations. The last section
discusses the gains that member states stand to make if they digitize
their economies and parallelly establish necessary regulations.
Keywords
BIMSTEC, digital trade, globalization, pandemic, technology
Corresponding author:
Pratnashree Basu, Centre for New Economic Diplomacy, ORF, West Bengal, 700156, India.
E-mail: pratnashree@orfonline.org
1Centre for New Economic Diplomacy, ORF, India
Basu and Bhowmick 67
Introduction
The fourth industrial revolution (4IR), as coined by Klaus Schwab,
founder and executive chairman of the World Economic Forum explains
the growing technological progress that has resulted in the convergence
of the physical, digital, and biological worlds (Schwab 2016). This digital
revolution has important implications for economies across the world
and their way of doing business. This article attempts to assess how this
new wave of technology has played out in the regional development of
the BIMSTEC nations focusing particularly on Sri Lanka’s contribution
as the country chosen to lead the technology sector.
The Bay of Bengal Initiative for Multi-Sectoral Technical and
Economic Co-operation (BIMSTEC) came into existence in 1997
through the Bangkok Declaration with the purpose of developing
stronger technological and economic cooperation among the South and
Southeast Asian countries along the coast of the Bay of Bengal. What
started as IST-EC (India–Sri Lanka–Thailand-Economic Cooperation)
later expanded into BIST-EC (Bangladesh, India, Sri Lanka and Thailand
Economic Cooperation) and finally with the inclusion of Myanmar,
Nepal and Bhutan came to be known as BIMSTEC (BIMSTEC 2020).
The integration of the seven countries into an economic bloc and
increasing regional connectivity is a step in the right direction to restore
the lost glory of the Bay of Bengal region. Member states identified
fourteen priority areas of cooperation and each of them is tasked with
leading particular sectors which have subsequently been streamlined
into seven priority areas (see Table 1 for the complete list of sectors
under BIMSTEC cooperation) (BIMSTEC 2020).
Table 1. Priority Areas of Cooperation Under BIMSTEC.
Sectors Lead Countries
1. Trade, investment, and development Bangladesh
2. Environment and climate change Bhutan
3. Security India
4. Agriculture and food security Myanmar
5. People-to-people contact Nepal
6. Science, technology, and innovation Sri Lanka
7. Connectivity Thailand
Source: BIMSTEC: Sectors of Cooepration, https://bimstec.org/sectors-of-
cooperation-2/
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