New Delhi, Jun 14 (PTI) The Union Cabinet has approved a memorandum of association (MoA) by India for the establishment of BIMSTEC Technology Transfer Centre in Colombo, according to an official statement on Tuesday.

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

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The main objectives of the Technology Transfer Facility (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 statement said the centre shall facilitate transfer of technologies among the BIMSTEC member states, amongst other things, in priority areas, including biotechnology, nanotechnology, information and communication technology, space technology applications, agricultural technology, food processing technology, pharmaceutical technology automation and new and renewable energy technology automation.

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The TTF shall have a Governing Board, with one nominee from each member state. The overall control of activities of the TTF shall be vested in the Governing Board.

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