Sri Lanka's Cabinet has approved an agreement to establish a BIMSTEC Technology Transfer Facility in the country, a regional initiative designed to support small and medium enterprises across South Asian member states.
The Cabinet of Ministers has given its approval to establish the BIMSTEC Technology Transfer Facility in Sri Lanka following a proposal from the Minister of Science and Technology. The facility represents the culmination of a regional effort spanning nearly two decades, with the initial concept emerging from the second BIMSTEC Summit held in New Delhi in 2008, when member states agreed to create such an institution to deepen cooperation.
The formal cooperation agreement was signed during the fifth BIMSTEC Summit in Colombo on March 20, 2022. As the host nation, Sri Lanka is now required to finalize specific arrangements with the BIMSTEC Secretariat regarding how the facility will be established, operated, and managed going forward.
The Technology Transfer Facility is intended to serve multiple functions across the BIMSTEC region. It will distribute technology to micro, small, and medium enterprises, build institutional capacity within member countries, and oversee intellectual property management. A draft agreement governing these arrangements has been prepared and has already received necessary institutional approvals and legal clearances, positioning it for implementation.