ABU DHABI, (Pakistan Point News - 24th Feb, 2020) The Ministry of Economy signed a Memorandum of Understanding, MoU, with Arizona State University, ASU, in the field of innovation and small and medium enterprises, SMEs, as part of the ministry’s efforts to develop international cooperation in various fields related to innovation and entrepreneurship.
This is in addition to facilitating the transfer of technology, and enhancing the diversification and competitiveness of the national economy by increasing the role of SMEs in development.
The MoU was signed by Eng. Sultan bin Saeed Al Mansoori, UAE Minister of Economy, and Dr. Michael M. Crow, President of the Arizona State University.
Al Mansoori said that encouraging entrepreneurship among citizens and supporting SMEs in the UAE are major focus areas in the economic policy pursued by the country.
He added that the MoU signed with the ASU is of great significance as it presents an important opportunity for business leaders and owners of SMEs in the country to benefit from the pioneering experiences of the university and its partners in the private sector in various fields related to innovation. These include technology, business development and progress in the field of inventions and the MoU, in particular, covers an array of priority sectors on the UAE’s economic agenda and innovation strategy, such as renewable energy, space and technology, and cooperation in food research and health care.
The MoU will enable the parties concerned to establish joint projects in the fields of cooperation agreed upon in the UAE and the United States. In addition, it will help Emirati inventors and young entrepreneurs test and develop their innovative ideas, inventions and projects, in cooperation with the ASU and benefit from the university’s extensive experience in these fields. They will also be able to participate in training programmes for citizen inventors in both the United States and the UAE.
A number of areas of cooperation were identified to be covered under the terms of the MoU, including technology, education, health care, sustainability, innovation, renewable energy, water, space exploration, the exchange of experiences and training.
Furthermore, Emirati entrepreneurs will be able to benefit from the university's "International Future Laboratory", which focuses on sustainability, food security, water and energy, as well as the "SkySong" innovation programme for technology transfer, patents and Artificial Intelligence.