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

New Delhi [India], June 14 : The Union Cabinet chaired by Prime Minister Narendra Modi has approved a Memorandum of Association (MoA) by India for the establishment of the BIMSTEC Technology Transfer Facility (TTF) was signed by the member countries at the 5th BIMSTEC Summit held at Colombo, Sri Lanka on March 30, 2022.
The main objectives of the BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) TTF are to coordinate, facilitate and strengthen cooperation in technology transfer among the BIMSTEC Member States by promoting the transfer of technologies, sharing of experiences and capacity building.
"The TTF shall facilitate transfer of technologies among the BIMSTEC Member States, amongst other things, in the following 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," a release by the Cabinet said.
The TTF shall have a Governing Board and the overall control of activities of the TTF shall be vested in the Governing Board. The Governing Board shall consist of one nominee from each Member State.
The expected outcomes of the BIMSTEC TTF are: Databank of technologies available in BIMSTEC Countries, Repository of information on good practices in the areas of technology transfer management, standards, accreditation, metrology, testing and calibration facilities, Capacity building, sharing of experiences and good practices in development, and Transfer and use of technologies among BIMSTEC countries.