Regional collaboration in space technology must be enhanced to achieve sustainable development in South Asia, according to the South Asian Association for Regional Cooperation (SAARC) leaders.

Addressing the inaugural session of the 18th SAARC Summit here on Wednesday, Indian Prime Minister Narendra Modi said that the country is ready to develop a satellite specifically for the region by 2016.

"India will host a conference for all South Asian partners next year to strengthen our abilities to apply space technology to economic development and governance," he added.

Earlier this year, during a speech on the launch of a commercial rocket, Modi had urged space scientists to develop a SAARC satellite and enlarge the footprint of India's satellite- based navigation system to serve the interests of the entire region.

Similarly, Sri Lankan President Mahinda Rajapaksa focused on enhancing "space diplomacy" to strengthen relations among the SAARC countries.

"The application of space technology to the areas of telecommunications and disaster management, will greatly benefit SAARC's social-economic growth," he said.

The Sri Lankan president praised India for its progress in the field of space technology and welcomed Modi's proposal of developing a space satellite for SAARC.

To date, only two SAARC countries -- India and Pakistan -- have sent satellites in space, but several others are trying to follow.

Space cooperation will be discussed during the 18th SAARC Summit which began here Wednesday with focus on deeper integration among the eight South Asian neighbors -- Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal, Pakistan and Sri Lanka.