National Innovation Agency Act 2019 · As enacted · Part I · National Innovation Agency
4. Powers, functions and duties of the Agency
Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk
Official translationFrom Department of Government Printing, unchanged
The powers, functions and duties of the Agency shall be to: –
liaise with the public and private sector institutions relevant to important aspects of the objects of the Agency;
make recommendations to the government to initiate and fund National Innovation
Programmes in order to support a creative economy;
to develop and sustain a national innovation eco system in keeping with the Sri Lanka
Innovation and Entrepreneurship Strategy as approved by the Cabinet of Ministers;
support the National Innovation and
Entrepreneurship Strategy objectives through the facilitation of hi-tech enterprises stemming from research and technology transfer;
monitor and evaluate the effectiveness of investment, policies and strategies on innovation and entrepreneurship;
coordinate and harmonize international activities in innovation with the relevant
National Innovation Agency
Ministries, Departments and other innovation institutions in Sri Lanka and with international institutions to encourage commercialization of the outputs of innovation activities;
drive the progress of Sri Lanka upward through the ranking of global innovation indices to ensure a resilient economic standing, subject to the Sri Lanka Innovation and Entrepreneurship Strategy as approved by the Cabinet of Ministers;
receive, collate, evaluate and publish the
Sri Lankan Annual Innovation and entrepreneurship reports covering the eco system taking into consideration the international linkage and presence;
to purchase any movable or immovable property which may be required for the
Agency, hold, take or give on lease or hire, mortgage, pledge or sell or otherwise dispose of, any movable or immovable property belonging to the Agency as may be deemed expedient with a view to promote the objects of the Agency;
subject to any applicable written law, to open and maintain current, savings or other deposit accounts in any State bank or banks and to close such accounts;
subject to any applicable written law, to accept and receive, gifts, grants, loans, donations and bequests both movable and immovable, from sources in or outside
Sri Lanka for the use of the Agency:
Provided that, the Agency shall obtain prior written approval of the Ministry of
Finance in respect of all foreign grants, donations or bequests made to the Agency;
deposit in any bank account or accounts of the Agency, the funds of the Agency which are not required immediately for the purposes of the Agency;
make rules in respect of matters pertaining to the administration of affairs of the Agency;
outsource for appropriate payments in compliance with the relevant financial regulations, research, data collating or any other activities necessary for the smooth and efficient discharge of the duties and functions of the Agency. The Agency shall have the ownership of all research, any material or data collected by any person for the purposes of this Act, and be responsible for the protection of such research, material or data;
with the approval of the Cabinet of Ministers to enter into agreements, with any local or foreign persons or institutions in respect of the objects of the Agency;
coordinate and facilitate joint ventures with the private sector with the approval of the
Minister in order to achieve the objects of the Agency; and
generally do such acts and things for the achievement of the objects of the Agency.
Part II
Administration and Managemnt of the Agency
Part III
The Chief Innovation Officer of the Agency
Part IV
Finance
Part V