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

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 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, pharmaceutical technology automation, new and renewable energy technology automation, new and renewable energy technology, health technologies etc.

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 expected outcomes of the BIMSTEC TTF are:

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.