Jordan and the United Arab Emirates (UAE) signed a Memorandum of Understanding on cooperation in matters of innovation, research and promotion and development of Small and Medium Enterprises (SMEs.)
The three-year agreement signed during the UAE-Jordan Economic forum is expected to develop a network that will encourage joint partnerships in SMEs technological innovation projects.
State institutions, business development centers and private organizations will cooperate to ease access to funds, market opportunities and the sharing of relevant information such as intellectual property rights. The MOU has 13 clauses geared towards establishing a long-term strategic alliance between the two countries.
UAE’s Economy Minister Sultan bin Saeed Al Mansouri said the signing of the agreement falls in line with the country’s National Strategy for Innovation launched in 2014, and efforts to develop an economy based on creativity and innovation in tune with the UAE Vision 2021 that seeks to enhance the country’s global competitiveness and economic sustainability.
The UAE declared 2015 the Year of Innovation.
The MoU is anchored on Innovation, SMEs, research and development.
Jordan Investment Authority and Jordan Enterprise Development Corporation (JEDCO) and equivalent UAE bodies such as the SMEs Council, SME Fund, and the Chambers of Commerce and Industry are expected to play an important role in the successful implementation of the MoU, with the support of other stakeholders.
