Bimstec: BIMSTEC has completed the final step towards operationalising its Technology Transfer Facility in Sri Lanka, paving the way for greater technology cooperation among Bangladesh and six other member states. The milestone followed the signing of a Host Country Agreement between the Sri Lankan government and the BIMSTEC Secretariat in Colombo on September 11.
According to Bangladesh Sangbad Sangstha, Acting Secretary of Sri Lanka's Ministry of Science and Technology ML Gammampila signed the agreement on behalf of the Sri Lankan government while BIMSTEC Secretary General Indra Mani Pandey represented the BIMSTEC Secretariat. The agreement will facilitate the establishment and operation of the BIMSTEC Technology Transfer Facility, a regional mechanism designed to promote technology transfer among member states.
The BIMSTEC Secretariat said the signing marked the final step towards operationalisation of the facility, fulfilling a longstanding commitment to establish a functioning regional mechanism for facilitating technology transfer. The initiative also reflects the shared commitment of BIMSTEC member states to strengthening regional cooperation in science, technology, and innovation.
A Governing Board of the Technology Transfer Facility has already been constituted and held its first meeting virtually on August 3 in Colombo. Sri Lanka, as the lead country for BIMSTEC's Science, Technology and Innovation Sector and host of the facility, will coordinate with member states through the BIMSTEC Secretariat to develop a common Intellectual Property Framework. The proposed framework is intended to facilitate technology transfer among BIMSTEC countries and will be discussed further at subsequent meetings of the Governing Board.
Sri Lanka is also expected to announce the appointment of the facility's Executive Director at a future Governing Board meeting. As the host country, Sri Lanka will play an anchoring role in operationalising the facility in close cooperation with the BIMSTEC Secretariat and other member states.
The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) comprises Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka, and Thailand. The seven-member regional grouping promotes cooperation across a range of areas, including science, technology and innovation, connectivity, trade and investment, blue economy, energy, climate change, tourism, agriculture, and food security.