Wednesday Sep 02, 2026
Wednesday Sep 02, 2026
Wednesday, 2 September 2026 00:24 - - {{hitsCtrl.values.hits}}
The Cabinet of Ministers has approved the signing of an agreement with the BIMSTEC Secretariat to establish the BIMSTEC Technology Transfer Facility in Sri Lanka, advancing a long-standing regional initiative aimed at improving technology access and innovation among small businesses.
The facility is intended to support micro, small and medium-sized enterprises (MSMEs) across the seven BIMSTEC member States by facilitating technology transfer, strengthening technical capacity and supporting the management of intellectual property.
The initiative dates back to the second BIMSTEC Summit in New Delhi in 2008, where member States agreed to establish a dedicated facility to deepen regional cooperation in technology and innovation.
The Agreement on Establishment of the BIMSTEC Technology Transfer Facility was subsequently signed at the fifth BIMSTEC Summit held in Colombo on 20 March 2022.
Under the cooperation framework, Sri Lanka, as the host country, is required to enter into a separate agreement with the BIMSTEC Secretariat covering the establishment, operation and management of the facility.
“The Government has cleared the signing of that agreement, with a draft already prepared after obtaining the necessary institutional approvals and legal clearances,” Cabinet Spokesman and Minister Dr. Nalinda Jayatissa said at the post-Cabinet meeting media briefing yesterday.
The facility is expected to provide a regional platform for sharing technologies and expertise, while helping businesses access knowledge and intellectual property needed to improve productivity and competitiveness.
