The facility is anticipated to provide a database of technologies, accessible to member countries

The Union Cabinet, led by Prime Minister Narendra Modi, has authorised a Memorandum of Association (MoA) for the establishment of a Technology Transfer Facility (TTF).

The MoA was signed by member nations at the 5th BIMSTEC (Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation) meeting in Colombo, Sri Lanka, which was held on March 30 this year.

The BIMSTEC TTF's major goals are to organize, promote, and improve technology transfer cooperation among member nations through fostering technology transfer, exchange of experiences, and capacity building, said an official press release issued after the Cabinet meeting.

The TTF will enhance technology transfer among BIMSTEC member nations in important sectors such as biotechnology, nanotechnology, information and communication technology, and space technology applications, among others, the release said.

Agricultural technology, food processing technology, pharmaceutical technology automation, new and renewable energy technology automation, oceanography, nuclear technology applications, e-waste and solid waste management technology, health technologies, disaster risk reduction technologies, and climate change adaptation technologies are also prioritized by the TTF.

The TTF will have a governing board, and it will have total authority over the organization’s activities. Each member state will send one nominee to the governing board.

The BIMSTEC TTF is anticipated to provide a database of technologies accessible in BIMSTEC countries as well as a library of knowledge on best practices in technology transfer management, standards, accreditation, metrology, testing, and calibration facilities.

Other goals include capacity building, exchange of development experiences and best practices, and technology transfer and utilization among BIMSTEC nations.