SL to join South Asian innovation corridor

Sri Lanka expressed interest in joining the South Asian regional innovation corridor at an international innovation confab in Colombo recently.

Over 30 global experts including Senior Economist, ADB Institute, Dr. Paul Vendenberg were also present.

The confab was co-organised by the National Enterprise Development Authority Sri Lanka's Coordinating Secretariat for Science Technology and Innovation, and the Tokyo-based Asian Development Bank Institute to draw a blueprint for a ground-breaking Sri Lankan SME Innovation Accelerator.

The proposed accelerator is expected to enable SMEs in R&D and demonstrate new marketable products based on new technological applications.

Commerce Minister Rishad Bathiudeen said, "Rather than innovating alone as a country, I believe that we can enhance our efforts by joining the South Asian innovation corridor.

India alone is home to research and development centres for over 300 multinational corporations. There are huge innovation partnership opportunities in the region," he said.

"Innovation in a country such as Sri Lanka needs to be well-focused so that 'innovation to market cycles' are faster and cost effective especially for the financing organisation.

At present this is true not only for private sector research and development but even for public sector research and development agencies," he said.

"It is here that public-private partnership models become a practical solution. The Sri Lanka Institute of Nano Technology is a success story with top corporates becoming stakeholders in it. This is a PPP success story," the Minister said.