BIMSTEC, Sri Lanka Sign Agreement on Technology Transfer

The BIMSTEC Secretariat and the government of Sri Lanka have signed a host country agreement to establish the BIMSTEC Technology Transfer Facility in Sri Lanka, marking a major step towards strengthening regional cooperation in science, technology and innovation.

The agreement was signed in Colombo by ML Gammampila, acting secretary of Sri Lanka’s Ministry of Science and Technology, on behalf of the Sri Lankan government, and Indra Mani Pandey, secretary general of BIMSTEC, on behalf of the BIMSTEC Secretariat.

The agreement reflects the shared commitment of BIMSTEC member states to strengthening cooperation in science, technology and innovation and creating mechanisms to facilitate technology transfer for the benefit of the region, according to a BIMSTEC statement.

The signing marks the final step towards operationalising the Technology Transfer Facility, fulfilling a long-standing commitment to establish a regional mechanism for facilitating technology exchange among member states.

A governing board for the facility has already been constituted. The board held its first virtual meeting on August 3 in Colombo.

As the lead country for the science, technology and innovation sector and the host country of the facility, Sri Lanka will coordinate with member states through the BIMSTEC Secretariat to develop a common intellectual property framework to facilitate technology transfer.

The proposed framework will be discussed further at subsequent meetings of the governing board. Sri Lanka will also announce the appointment of the facility’s executive director at an upcoming meeting.

As the host country, Sri Lanka will play a central role in operationalising the facility in close cooperation with the BIMSTEC Secretariat and other member states.

BIMSTEC comprises seven Bay of Bengal countries: Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.