Cabinet approves MoA for establishing BIMSTEC Technology Transfer Facility
14 Jun 2022 17:45:46
New Delhi, Jun 14: Union Cabinet chaired by Prime Minister Narendra Modi has approved a Memorandum of Association (MoA) by India for establishment of Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) Technology Transfer Facility (TTF). The MoA was signed by the BIMSTEC member countries at the 5th BIMSTEC Summit held at Colombo, Sri Lanka on Mar 30.
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 have a Governing Board and the overall control of activities of the TTF shall be vested in the Governing Board. The Governing Board shall consist of one nominee from each Member State.
The TTF shall facilitate transfer of technologies among the BIMSTEC Member States, amongst other things, in 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 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.