National Innovation Agency Act, No. 22 of 2019.

This Act provides for the establishment of the National Innovation Agency. The objects of the Agency shall be to: a) promote better understanding on social innovation, science and technology innovation, eco-innovation and service innovation, and their impact on the economy; b) make recommendations to the Government in order to formulate national policies in respect of innovation; c) ensure that national research is aligned with and contributes to the economy and national economic goals; d) coordinate innovators and initiatives to foster impact; e) identify any obstacles in the public and private sector that hamper innovation; f) support and facilitate innovation in private sector to establish a vibrant national innovation ecosystem. The powers, functions and duties of the Agency shall be to: a) liaise with the public and private sector relevant to important aspects of the objects of the Agency; b) initiate and fund National Innovation Programmes in order to support a creative economy; c) develop and sustain a national innovation ecosystem in keeping with the Sri Lanka Innovation and Entrepreneurship Strategy; d) support the National Innovation and Entrepreneurship Strategy objectives through the facilitation of hi-tech enterprises stemming from research and technology transfer; e) monitor and evaluate the effectiveness of investment, policies and strategies on innovation and entrepreneurship; f) coordinate and harmonize international activities in innovation with the relevant Ministries, Departments and other innovation institutions in Sri Lanka and with international institutions to encourage commercialization of the outputs of innovation activities; g) drive the progress of Sri Lanka upward through the ranking of global innovation indices to ensure a resilient economic standing, etc.