Indian External Affairs Minister S Jaishankar will inaugurate the 1st BIMSTEC Business Summit in New Delhi from August 6 to August 8, Ministry of External Affairs said on Monday.

The Ministry of External Affairs of the Government of India in association with Confederation of Indian Industries (CII) will host the event in the country.

"The first edition of the Business Summit aims to foster greater regional collaboration through robust trade and investment relations among the member countries of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC)," read a statement issued by the MEA.

Minister of Commerce and Industries Piyush Goyal and other leaders will deliver keynote addresses during the three-day event.

Several Ministers of the BIMSTEC Member States from the ambit of Trade, Commerce and Industry, as well as Energy, along with high-ranking Government officials, policymakers, entrepreneurs and industry associations will participate in the event.

"The event will bring together more than 300 key stake holders from across the Bay of Bengal region to facilitate economic collaboration and explore ways ahead in focus areas such as trade facilitation, regional connectivity, energy security, inclusive growth and sustainable development," the statement said.