BIMSTEC is an economic organization. Its full name is Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Co-operation . It was established on June 6, 1997. Bangladesh-India , Sri Lanka-Thailand Economic Co-operation ( BISTEC) was initially formed with Bangladesh , India , Sri Lanka and Thailand . When Myanmar joined in December 1997, " M" was added and renamed BIMSTEC . At the end of 2003, when Nepal and Bhutan joined BIMSTEC, its membership increased to 7. It was renamed at the 2004 summit. The purpose of BIMSTEC is to assist in the economic development of the member countries. At present Bangladesh , India , Thailand , Myanmar , Sri Lanka , Nepal and Bhutan are members of BIMSTEC . Its temporary office is in Bangkok, Thailand. Its permanent headquarters will be located in Dhaka, the capital of Bangladesh.