🇱🇰 Cabinet Clears Agreement to Host BIMSTEC Technology Transfer Facility

The Cabinet of Ministers has approved a key agreement with the BIMSTEC Secretariat to establish the regional BIMSTEC Technology Transfer Facility in Sri Lanka. • Key Objective: Deepen regional cooperation, improve productivity, and enhance competitiveness by facilitating technology transfer and managing intellectual property rights. • Target Sector: Designed to strengthen technical capacity for micro, small, and medium-sized enterprises (MSMEs) across all seven BIMSTEC member states. • National Context: Positioned to drive innovation and support regional economic integration by providing a platform to share expertise and advanced technologies. • Background & Progress: First agreed upon at the 2008 Summit in New Delhi, the primary establishment agreement was signed at the 5th Summit in Colombo in March 2022. The latest Cabinet approval authorizes the final operational and management agreement to set up the host facility in Sri Lanka.