The UAE’s Ministry of Economy (MoE) and Canada’s MaRS Discovery District of Toronto, Ontario, and Sustainable Development Technology — Canada (SDTC) signed separate memorandums of understanding (MoUs) to enhance business ties.
The strategic partnership is aimed at fostering innovation and accelerating 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.