Cabinet approves MoA for setting up BIMSTEC tech transfer centre in Colombo

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The Union Cabinet has approved a memorandum of association (MoA) by India for the establishment of BIMSTEC Technology Transfer Centre in Colombo, Sri lanka.

• The MoA was signed by the BIMSTEC member countries at the 5th BIMSTEC Summit held at Colombo, Sri Lanka on 30th March, 2022.

• Objective of Technology Transfer Centre

• To strengthen coordination, facilitation and cooperation in technology transfer among BIMSTEC member states.

• Promoting the transfer of technologies, sharing of experiences and capacity building.

• Priority areas

• Biotechnology, Nanotechnology, Information and Communication Technology, Space technology applications, Agricultural technology, Food processing technology. 

• Pharmaceutical technology automation, New and renewable energy technology automation, New and Renewable energy technology, Oceanography.

• Nuclear Technology Applications, E-waste and solid waste management technology, Health Technologies, Technologies pertinent to Disaster Risk Reduction and Climate Change Adaptation.

• Expected outcomes

1. Databank of technologies available in BIMSTEC Countries

2. A repository of information on best practices in the areas of technology transfer management, standards, accreditation, metrology etc.

3. Capacity building, sharing of experiences and best practices in development

4. Transfer and use of technologies among BIMSTEC countries

• About BIMSTEC

• It was set up as Bangladesh, India Sri Lanka and Thailand Economic Cooperation (BIMSTEC) on 6 June 1997 at Bangkok, Thailand.

• It was renamed as  Bay of Bengal Initiative for Multi Sectoral Technical and Economic Cooperation on 31 July 2004 when the first summit meeting was held in Bangkok, Thailand.

• The member countries are Bangladesh, Bhutan India, Maldives ,Myanmar ,Nepal, Sri Lanka and Thailand.

• The group was formed to promote economic cooperation between the member countries.

• Headquarters : Dhaka, Bangladesh

Please follow news of 29 march 2022 for more information