The Union Cabinet chaired by the Prime Minister Shri 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) was signed by the BIMSTEC member countries at the 5th BIMSTEC Summit held at Colombo, Sri Lanka on 30th March, 2022.

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.

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.

1. Databank of technologies available in BIMSTEC Countries,
2. Repository of information on good practices in the areas of technology transfer management, standards, accreditation, metrology, testing and calibration facilities,
3. Capacity building, sharing of experiences and good practices in development, and
4. Transfer and use of technologies among BIMSTEC countries.

The Bay of Bengal Initiative for Multi-Sectoral Technical and Economic Cooperation (BIMSTEC) is a South Asian and Southeast Asian regional organisation.

The BIMSTEC is a unique link between South and South-East Asia, with five nations from South Asia (Bangladesh, Bhutan, India, Nepal, and Sri Lanka) and two countries from South-East Asia (Myanmar and Thailand) coming together on one platform for cooperation in 14 major economic and social sectors.

The BIMSTEC was established in 1997 with the goal of promoting regional commerce, connectivity, and cultural, technical, and economic growth.

This year marks the 25th anniversary of the company.

Source: PIB