Cabinet approves Memorandum of Association (MoA) by India for establishment of BIMSTEC Technology Transfer Centre at Colombo, Sri Lanka

What is the News?

The Union Cabinet has approved a Memorandum of Association(MoA) by India for the establishment of BIMSTEC Technology Transfer Facility(TTF) Centre at Colombo, Sri Lanka.

What is BIMSTEC Technology Transfer Facility(TTF)?

BIMSTEC Technology Transfer Facility(TTF) agreement was signed by the BIMSTEC member countries at the 5th BIMSTEC Summit held at Colombo, Sri Lanka on 30th March, 2022.

Objective: 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.

Governing Board: The TTF shall have a Governing Board and the overall control of activities of the TTF shall be vested in the Governing Board. This Governing Board shall consist of one nominee from each Member State.

Expected Outcomes of BIMSTEC TTF:

– 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.

Source: The post is based on the article “Cabinet approves Memorandum of Association (MoA) by India for establishment of BIMSTEC Technology Transfer Centre at Colombo, Sri Lanka” published in PIB on 14th June 2022.