COLOMBO, Aug. 28 (Xinhua) -- Sri Lankan President Maithripala Sirisena will leave for Nepal to attend the Bay of Bengal Initiative for Multisectoral Technical and Economic Co-operation (BIMSTEC), which will be held in Kathmandu, the Foreign Ministry said on Tuesday.

Following the conclusion of the two-day summit on Friday, the chairmanship of BIMSTEC will be handed over to Sri Lanka by the current chair Nepal.

According to the Foreign Ministry, the fourth BIMSTEC summit declaration "Towards a Peaceful, Prosperous and Sustainable Bay of Bengal Region" will be adopted in Kathmandu.

Several initiatives under agreed priority sectors will also be reviewed with a view to enhancing inclusive growth and economic prosperity in the BIMSTEC region.

The priority sectors of BIMSTEC cooperation include trade and investment, technology, energy, transportation and communication, tourism, environment and disaster management, poverty alleviation, counter-terrorism and transnational crimes and climate change.

BIMSTEC is a regional bloc grouping India, Bangladesh, Bhutan, Myanmar, Nepal, Sri Lanka and Thailand.