KATHMANDU: The fourth summit of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) kicked-off in Kathmandu today.

Prime Minister KP Sharma Oli inaugurated the summit attended by heads of states and heads of government of six other member nations - Bangladesh, Bhutan, India, Myanmar, Sri Lanka and Thailand.

In his opening speech at the inauguration ceremony, PM Oli stated that the success of BIMSTEC will be judged by the outcomes it delivers. "A strong political will coupled with right mix of policies, institutions and resources can ensure the success of BIMSTEC," said the PM.

Here are some points that Prime Minister KP Sharma Oli included in his BIMSTEC inaugural speech:

• All the Member States of BIMSTEC are connected with Buddhism in one way or the other. I underline the importance of developing and operating a Buddhist Circuit in the region to promote connectivity and tourism.
• An early conclusion of the agreements on trade in goods, trade in services, investment, mutual assistance in customs matters, dispute settlement and trade facilitation is the need of hour to enable BIMSTEC to effectively move forward.
• The BIMSTEC Poverty Plan of Action must be fully implemented. We must build on the progress made in the implementation of MDGs and integrate the transformative 2030 Agenda for Sustainable Development.
• In realizing our potentials, we must liberate our people from the clutches of poverty- the brutal clutches that drag us in a vicious cycle of deprivation -inhumane, unjust and malign- that drains our potential and ridicule our efforts as well as intentions.
• Our countries, together, have a dynamic potential–imbued with the creative ingenuity and diligence of our peoples; opulence and generosity of the nature; richness and depth of the civilizations; and magnificence of diverse cultures and heritages.
• This unique platform of BIMSTEC not only connects our countries; it also connects South Asia with South-East Asia. And, it connects mountains with oceans, reinforcing ecological interdependence.

Day two of the fourth BIMSTEC summit will commence on Friday.