Ministry of Economy signs MoUs with Canada to promote innovation in SME sector

Dubai: The UAE’s Ministry of Economy and Canada’s MaRS Discovery District of Toronto, Ontario, and Sustainable Development Technology – Canada (SDTC) signed separate memorandums of understanding (MoU) to establish strategic partnerships aimed at fostering innovation and R’&’D, and accelerating the growth of small and medium enterprises (SMEs), in accordance with the UAE’s strategy to build competitive knowledge-based economy.

The agreements will facilitate exchange of information in the SME sector, and encourage the public and the private sectors in the UAE and Canada to explore opportunities of collaboration in the SME sector.

As part of the agreements, the entities will share their experiences and expertise, and contribute to the efforts currently undertaken by the Ministry to set up a national innovation centre.

The Ministry MaRS and SDTC will also explore the development of an exchange programme for young entrepreneurs to enhance their expertise and awareness.

“The Ministry of Economy is keen to facilitate innovation in the SME sector considering that it is the highest job provider in the UAE. In this effort, the Ministry has been able to achieve fruitful global partnerships, paving the way for sharing of information and expertise.

The MoUs with MaRS and SDTC will enable exchange of information on SME sector, including legislation, by-laws, policies, and government-sponsored incentives and programmes through institutions or jointly with the private sector. More importantly, these agreements will open doors for our young entrepreneurs to engage in the private sector and take the lead in all economic activities,” said Sultan Bin Saeed Al Mansoori, UAE Minister of Economy.

MaRS will share its expertise on a number of key areas such as Industry, Agriculture and environment, Energy and renewable energy, Information and Communications Technology, Healthcare, Education, Financial services and Mining.

Working with MaRS, the Ministry will seek innovation partnerships in strategic global markets and identify opportunities for SMEs in both countries and promote bilateral trade.

The MoU with SDTC focuses on technological innovation in Agriculture and Forestry, Energy (conventional and renewable energy), Industry and Manufacturing, Petrochemicals and the Bio-based Economy, Water and the Environment, Transportation (air, land, sea; industrial and civil), Green Mining, and other sectors as mutually identified.