By: Staff Writer
September 19, Colombo (LNW): The Sri Lanka Export Development Board (EDB) has forged a strategic alliance with the Engineering Faculty of the University of Moratuwa, formalizing this partnership with a Memorandum of Understanding (MoU).
This initiative seeks to bridge the gap between academia and entrepreneurship in sectors like construction, power and energy, and engineering services within Sri Lanka.
The primary objective of this collaboration is to support entrepreneurs in Research and Development (R&D) projects aimed at improving service quality for international markets, thereby bolstering the global competitiveness of Sri Lankan engineering services.
The partnership will enable the country to attract a broader international clientele while simultaneously fostering innovation and economic growth.
The collective expertise of academia and the private sector will drive industry advancements and provide students with essential hands-on experience, which is crucial for national development.
This joint effort promises to enhance Sri Lanka’s global standing and stimulate further industry expansion.
On 4 September, the MoU was officially signed in a ceremony that marked a major milestone for the collaboration.
The initiative is set as a two-year program designed to encourage collaboration between selected companies to create innovative solutions, increasing global market competitiveness. The EDB aims to strengthen industry-academia partnerships by facilitating connections between businesses and university research teams to solve complex research challenges through practical applications.
Currently, two active projects have been launched under this collaboration. Venora Lanka Power Panels Ltd. and Sentinel Systems are spearheading these initiatives, focusing on IoT-enabled power distribution systems and Advanced Building Management Systems.
These cutting-edge technologies aim to reduce energy costs and lessen the financial burden on individuals and businesses by allowing users to track their daily electricity usage. By converting complex data into actionable insights, these systems will enable individuals and organizations to make informed energy decisions. Both the EDB and the University of Moratuwa are optimistic that this collaboration will lead to the creation of impactful business solutions for Sri Lanka’s construction, renewable energy, and engineering sectors. They also anticipate that the partnership will inspire new ideas and drive significant progress in renewable energy development.
