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Sri Lanka engages with private sector to boost biotechnology sector

Sri Lanka engages with private sector to boost biotechnology sector

The government of Sri Lanka is currently leading an important initiative to form partnerships with the private sector to push for a global biotechnology boost.
The Sri Lanka Institute of Biotechnology Ltd. (SLIBTEC), which is a state-owned company, under the purview of Sri Lanka’s Ministry of Technology and the Ministry is to focus on commercially harnessing biological processes for industrial and other purposes in Sri Lanka.
SLIBTEC’s primary objective is to promote biotech research and innovation in Sri Lanka and to support the development of biotech industries and facilitates a state-of-the-art research and innovation ecosystem to increase biotech product exports, local media reports state.
SLIBTEC is an ecosystem conducive for high-end biotech innovation created by the continued adoption of cutting-edge technologies in dedicated facilities with support systems, enabling a vibrant research, development and innovation culture, the Daily FT has stated.
SLIBTEC provides a linear research and development platform for the biotechnology business by including customised biotechnology incubation and manufacturing in one physical location, while adhering to global best practices, including sustainability concepts in all spheres of activities.
The SLIBTEC will be developed as two main components: SLIBTEC Park and SLIBTEC Research.
Expression of Interests (EOIs) have been called to set up the SLIBTEC Park at Pitipana in Homagama and the park is aimed at setting up hi-tech biotech industries to produce globally competitive products and services for local and international markets.
The Park will span around 13 acres of the total area assigned (100 acres) for SLIBTEC and will have essential facilities for biotechnology manufacturing and start-up operations adhering to green concepts.

OSL take:

Sri Lanka’s ongoing development programme and the country’s build up as a business hub in the South Asian region have expanded business/investment opportunities in the ICT and digital infrastructure development sectors including biotechnology. Sri Lankan authorities are committed to keeping the country abreast of the latest developments in the global ICT sector. The government of Sri Lanka is also focused on transforming the country in to an e-economy. Given the incentives offered to the country’s ICT and digital infrastructure development sectors as well as the ongoing development programme in the country, foreign businesses/investors could explore business/investment opportunities in Sri Lanka’s ICT and digital infrastructure development sectors.

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Article Code : VBS/AT/13082021/Z_7

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