The Bangladeshi capital Dhaka has beaten off strong competition from Sri Lanka to be chosen as the host city for a new headquarters for the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC), officials said Saturday, according to dpa. Foreign ministers of the organisation at their 13th meeting in Myanmar capital Nay Pyi Taw announced the decision Saturday after a lengthy negotiations between Sri Lanka and Bangladesh. The secretariat is expected to be operational sometime this year. Formed in 1997, the regional body comprises six members: Bangladesh, Bhutan, IndiaMyanmar, Nepal, Sri Lanka and Thailand.