New Delhi: The Union Cabinet chaired by Prime Minister Narendra Modi on Tuesday approved a Memorandum of Association (MoA) by India for the establishment of the Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Technology Transfer Facility (TTF) that was signed by the BIMSTEC member countries at the 5th BIMSTEC Summit held at Colombo, Sri Lanka on 30th March, this year.
The main objectives of the BIMSTEC-TTF are 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. The TTF shall facilitate the transfer of technologies among the BIMSTEC Member States, amongst other things.
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BIMSTEC will have the following priority areas: Biotechnology, Nanotechnology, Information and Communication Technology, Space Technology applications, Agricultural Technology, Food Processing Technology, Pharmaceutical Technology Automation, New and Renewable Energy Technology, Oceanography, Nuclear Technology Applications, E-waste and Solid Waste Management technology, Health Technologies, technologies pertinent to Disaster Risk Reduction and Climate Change Adaptation.
The TTF shall have a Governing Board and the overall control of activities of the TTF shall be vested in this Governing Board. The Governing Board shall consist of one nominee from each Member State. The expected outcomes of the BIMSTEC TTF are- a Databank of technologies available in BIMSTEC countries, a 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 the member nations.
