Cabinet approves BIMSTEC tech transfer facility in Lanka

The Cabinet of Ministers has approved a proposal by the Minister of Science and Technology to sign an agreement with the BIMSTEC Secretariat to establish a Technology Transfer Facility in Sri Lanka.

The initiative dates back to the second BIMSTEC Summit held in New Delhi in 2008, where member states agreed to establish a facility to strengthen regional cooperation in technology transfer.

A cooperation agreement for the facility was subsequently signed at the fifth BIMSTEC Summit in Colombo on March 20, 2022.

The proposed facility is intended to support micro, small and medium-sized enterprises (MSMEs) across BIMSTEC member states by facilitating access to technology, strengthening technical capacity and supporting intellectual property management.

As the host country, Sri Lanka is required to enter into an agreement with the BIMSTEC Secretariat covering the establishment, operation and management of the facility.

A draft agreement has already been prepared following the necessary institutional approvals and legal clearances, according to the government.