Accordingly, the National Science Foundation facilitates research, development and innovation to create a knowledge economy.  It also facilitates capacity building, infrastructure development, technology transfer, knowledge creation and sharing in all fields of science and technology to improve the quality of life of the people.

The National Science Foundation (NSF) established in 1998 by Act No. 11 of 1994 as the successor to the Natural Resources Energy & Science Authority of Sri Lanka (NARESA).NARESA was established in 1981 as the successor to the National Science Council set up in 1968.A commemorative stamp was issued to mark the 50th Anniversary of National Science Foundation.

Prof. C.B. Dissanayake and Prof. R.A.K.L. Dissanayake, who have done an immense service to the fields of science and research were awarded by the President on this occasion.Ministers Sarath Amunugama, A.H.M.Haleem, State Minister Lakshman Seneviratne, Deputy Minister Karunarathna Paranavithana, Secretary to the President Udaya. R. Seneviratne, Secretary of the Natural Resources, Energy and Science Authority Wasantha Perera, Chairmen of the National Science Foundation Prof. Sirimali Fernanado, Director –General of National Science Foundation Prof. Ananda Jayawardena, and other experts were present in this event.