By The Pulseline News Desk
Sri Lanka is moving ahead with plans to establish the BIMSTEC Technology Transfer Facility, a regional mechanism expected to help micro, small and medium enterprises (MSMEs) access technology, build capacity and strengthen the management of intellectual property across the Bay of Bengal region.
The Cabinet of Ministers has approved a proposal by the Minister of Science and Technology to enter into an agreement with the BIMSTEC Secretariat for the establishment of the facility in Sri Lanka.
The move revives a regional initiative that has been in the making for nearly two decades and could give Sri Lanka a new role as a regional hub for technology cooperation.
From 2008 Summit to implementation
The idea of establishing a BIMSTEC Technology Transfer Facility dates back to the second BIMSTEC Summit in New Delhi in 2008, when member states had agreed on the need for a dedicated mechanism to strengthen technology cooperation within the region.
The cooperation agreement for the facility was subsequently signed at the fifth BIMSTEC Summit in Colombo on March 20, 2022.
The latest Cabinet approval represents a further step towards translating that regional commitment into an operational institution.
Under the cooperation framework, Sri Lanka, as the host country, is required to enter into an agreement with the BIMSTEC Secretariat covering the establishment, operation and management of the facility.
A draft agreement has already been prepared, incorporating the necessary institutional approvals and legal clearances.
Facility’s meaning for Sri Lankan businesses
The proposed facility is intended to support MSMEs across BIMSTEC member states by facilitating access to technology and strengthening their capacity to adopt and develop new technologies.
For Sri Lanka, the initiative could potentially provide local businesses and technology institutions with greater access to regional networks, expertise and technology partnerships.
MSMEs remain a critical part of the economies of BIMSTEC countries, but many face constraints in accessing modern technology, technical expertise, research capabilities and intellectual property support.
A dedicated regional technology transfer mechanism could help bridge some of these gaps by connecting businesses, technology providers, research institutions and other stakeholders across member countries.
The facility is also expected to have a role in intellectual property management, an increasingly important consideration as businesses seek to commercialise research, develop new products and expand into regional markets.
Strategic opportunity for Sri Lanka
For Sri Lanka, hosting the facility could carry significance beyond the establishment of another regional institution.
The country has been seeking to position itself as a platform for investment, trade, technology and services linking South Asia with Southeast Asia and the wider Indian Ocean region.
The BIMSTEC framework provides a natural platform for that ambition, bringing together Bangladesh, Bhutan, India, Myanmar, Nepal, Sri Lanka and Thailand.
A technology transfer facility located in Sri Lanka could strengthen the country’s role in facilitating regional technology partnerships while creating opportunities for Sri Lankan institutions and businesses to engage with counterparts across these markets.
It could also support the development of a stronger innovation ecosystem by encouraging greater interaction between industry, academia, research institutions and technology providers.
Beyond technology access
The significance of the initiative lies in the fact that technology transfer is not simply about providing businesses with access to equipment or technical know-how.
Effective technology transfer can involve adapting technologies to local conditions, developing human capital, protecting intellectual property and helping businesses commercialise innovations.
For smaller enterprises, these are often the areas where resource constraints are most pronounced.
The proposed BIMSTEC facility therefore has the potential to become a regional mechanism for helping smaller businesses move from simply adopting existing technologies towards developing greater technological capabilities of their own.
Sri Lanka’s hosting responsibility
The Cabinet approval also places greater emphasis on Sri Lanka’s responsibility as the host country.
The agreement with the BIMSTEC Secretariat will establish the institutional framework governing how the facility is established, operated and managed.
The preparation of the draft agreement, together with the necessary institutional approvals and legal clearances, indicates that the process has now moved beyond the initial policy stage.
The next phase will be to formalise the agreement and establish the operational framework for the facility.
For Sri Lanka, the challenge will be to ensure that the facility becomes more than a regional agreement on paper.
Its success will ultimately depend on whether it can generate tangible outcomes for businesses — particularly MSMEs — through actual technology partnerships, skills development, intellectual property support and commercialisation opportunities.
Nearly 18 years after the BIMSTEC members first agreed to establish such a mechanism, Sri Lanka is now taking another step towards making the Technology Transfer Facility a reality.
If effectively implemented, the initiative could give Sri Lanka a strategic new role in the region’s emerging technology and innovation ecosystem while providing local businesses with greater access to the markets, expertise and technologies of the wider BIMSTEC region.
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