Addressing a media briefing yesterday at the Information Department in Colombo, Science and Technology Minister Professor Tissa Vitarana said the aim of the newly formulated plan was to produce goods and services using the world’s modern technologies.

He said advanced technology initiatives, techno entrepreneurship initiative and directed research and development are the key components for rapid economic development.

"We must have world class national research and innovative systems to create a scientifically literate society. We must get science and technology to our culture without affecting the environment," he added.

He said Nanotechnology would be used to the fullest potential. The ministry expects to use Nanotechnology used by many other countries under this initiative.

"Economic development depends on our ability to produce goods and services that are successfully sold in the global market. For them to be sold, our goods and services must be better and in good quality, or cheaper than those from abroad.

"We must produce quality value added products that not only bring in a much higher return for investment, but also could successfully compete against products from abroad," he said.

The draft of the five year national policy was handed over to President Mahinda Rajapaksa recently.