Sri Lanka to set up bio-technology innovation park and bio-technology institute

Sri Lanka to set up bio-technology innovation park and bio-technology institute

The government of Sri Lanka is reportedly looking at establishing a bio-technology innovation park and bio-technology institute on 13.2 acres in the Colombo District.  
Sri Lanka’s Government Information Department has said in a statement that plans have been drawn up to set up a Sri Lanka bio-technology innovation park and Sri Lanka bio-technology institute in phases with the objective of promoting hi-tech exports and encouraging import substitute products.  
“The intention of this project is to facilitate a favourable environment required to act collectively for developing the ideas of bio-tech companies and technological researches up to commercial products,” the statement has noted.

The International Gene Technological Engineering and Biotechnology Centre, a UN affiliated body, has selected Sri Lanka as their regional research centre in the South Asian region for coordinating with the proposed Sri Lanka bio-technology institute, local media reports stated. 
Under this the establishment has given their consent for entrusting the technology for production of 10 biological items including insulin and human growth hormones (HGH) creating favourable grounds for Sri Lanka to expand its internal medicine production.
Accordingly, the Cabinet of Ministers has approved the combined proposal submitted by Prime Minister of Sri Lanka Mahinda Rajapaksa as the Minister of Finance, Economic and Policy Development and Sri Lanka’s Higher Education, Technology and Innovation Minister Bandula Gunawardena for the establishment of a bio-technological innovation park in a land of 13.2 acres in extent situated in Amarawatte, Pitipana, Homagama as well as the construction of the building ‘BiotechnoPlex’.

OSL take:

The growing business opportunities globally in the ICT and digital infrastructure development sectors have expanded opportunities in these fields in Sri Lanka as well. The Covid 19 global pandemic has created many investment opportunities in the ICT and digital infrastructure development sectors and Sri Lanka is also keen on keeping on par with the global evolutions in these fields. Foreign businesses/investors could therefore explore business/investment opportunities in Sri Lanka’s ICT and digital infrastructure development sectors. 

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Article Code : VBS/AT/23072020/Z_3

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