KATHMANDU: The fourth summit of Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) has come to a close.

An 18-point declaration paper was signed today, the second day of the summit. The declaration is expected to enhance the effectiveness of BIMSTEC Secretariat by engaging it in various technical and economic activities in the region.

Prior to the close of the summit, foreign ministers of BIMSTEC member countries also signed a Memorandum of Understanding on the Establishment of BIMSTEC Grid Interconnection, witnessed by their heads of state/government.

Prime Minister and the current chair of BIMSTEC, KP Sharma Oli, gave a closing speech after handing over the chairmanship of the next BIMSTEC summit to Sri Lankan President Maithripala Sirisena.

PM Oli congratulated Sri Lanka for its assumption of the role as new host for BIMSTEC and extended thanks to the heads of states/governments of member countries for their participation and support in materialising the summit with success.

In his concluding remarks, PM Oli stated, "The fruits of regional cooperation can reach the people when we fully implement the decisions and understandings we make. Translating the promises into action will be a key challenge ahead. The visibility of BIMSTEC will lie in progress it makes and in its capacity to deliver."

He added, "Our collective wisdom, thought and vision on the goal of peaceful, prosperous and sustainable Bay of Bengal region is eloquently captured in the 4th BIMSTEC summit Declaration."

He officially concluded the summit with the hope that the dignitaries had a comfortable stay in Nepal.

Press briefing on the summit is scheduled for 1:00 pm today at the media centre located at Hotel Grand, Tahachal, Kathmandu.