The Cabinet of Ministers has approved a proposal by the Minister of Science and Technology to sign the agreement establishing the BIMSTEC Technology Transfer Facility in Sri Lanka.
The initiative traces back to the second BIMSTEC Summit in New Delhi in 2008, where member states agreed to set up a facility to strengthen regional cooperation. The cooperation agreement was formally signed at the fifth BIMSTEC Summit in Colombo on March 20, 2022.
The Technology Transfer Facility is designed to provide technology to micro, small, and medium enterprises across BIMSTEC member countries, enhance capacity, and manage intellectual property.
Under the cooperation framework, Sri Lanka as the host country must reach an agreement with the BIMSTEC Secretariat on the establishment, operation, and management of the facility.
A draft agreement has already been prepared, incorporating necessary institutional approvals and legal clearances. (Newswire)