BIMSTEC Technology Transfer Centre: Highlights
Approval has been given by the Union Cabinet for a Memorandum of Association (MoA) signed by India to establish the “Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Technology Transfer Facility (TTF)”. This is will be established in Colombo, Sri Lanka.
When was the MoA signed?
This MoA was signed on 30th March 2022 between the BIMSTEC members at the 5th BIMSTEC Summit that was held in Colombo, Sri Lanka.
What are the objectives of the Technology Transfer Facility?
The goals of the TTF are:
- Accelerating, coordinating, and reinforcing collaboration in technology,
- Transferring of technology among the members of the BIMSTEC
- Experience sharing
- Capacity building among the BIMSTEC countries
Under the MoA, transfer of technology will be facilitated in which areas?
The MoA has been signed to accelerate technology transfer in important areas that include:
- information technology
- technology related to communication
- Technology related to agriculture
- space technology
- technology related to food processing,
- automation technology
- technology related to renewable energy
- pharmaceutical technology
Will the TTF have a governing board?
The TTF will set up a Governing Board. The control of all activities under the TTF shall be assigned to the Governing Board that will be set up. This board will comprise of a nominee representing each BIMSTEC member country.