National Chamber, National Research Council sign MoU to promote new product development

The National Chamber of Commerce of Sri Lanka (NCCSL) and the National Research Council (NRC) of Sri Lanka have entered into a Memorandum of Understanding recently. 

The purpose of this MOU is to develop scientific research and technology cooperation directly between the scientific community and the industries/ enterprises and to develop market opportunities. 

National Chamber of Commerce of Sri Lanka established in 1948 with the vision to be the leading source of service and assistance to businesses countrywide for promotion of domestic and foreign trade with special emphasis on the development of Micro, Small and Medium Enterprises. 

The National Research Council was founded in 1999 and established as a statutory board under the former Ministry of Science, Technology and Research by the Parliamentary Act No.11 of 2016, to assist the government to plan, coordinate and facilitate research and development in Science and Technology so as to build a vibrant national scientific and technological community. Main functions of the NRC are to call for, assess and fund research proposals and to develop systems of national recognition and awards for successful research and innovations by Sri Lankan scientists. 

This PPP program is expected to build local strength by networking key players in R&D activities and industries to contribute towards the economic development of the country. Promoting R&D in science and technology should lead to economic development by way of increasing exports, diversifying exports, and promoting import substitutes.

If you have an innovative idea which could lead to development of a new product or service, NRC will assist you on assessing the technical and economic viability, financing, implementation and results utilisation of your innovative idea. 

Moreover, NRC will assist you in selecting suitable research partners (if required), by maintaining confidentiality of your idea. Further, NRC will bear 50% of the project cost up to maximum of Rs. 40 million based on the feasibility of the proposed project (subjected to conditions). Ultimately, you will achieve your aim of producing an innovative new product, an improved product or a service or a value-added commercialised product through a Public Private Partnership (PPP) project. 

If interested, please provide a brief summary of your proposed project with your contact details to [email protected] or call Achini on 011-4741788.