Malaysia is set to gain potential market for technology-based goods from Egypt’s growing economy and access to the northern African markets through the signing of a memorandum of understanding (MoU) between the Malaysian Technology Development Corporation (MTDC) and Egypt Academy of Scientific Research and Technology (ASRT).
According to a press release, bilateral and potential multilateral cooperation would also create new markets and economic groupings that would benefit both parties.
“This collaboration is part of MTDC’s international initiative, to promote cooperation on technology transfer and commercialisation with several countries especially from the OIC,” MTDC chief executive officer (CEO) Norhalim Yunus commented at a luncheon organised by MTDC.
The collaboration would benefit both parties as Egypt, which was still relatively new in the technology-business ecosystem, and MTDC’s experience in managing commercialisation funds, technology ventures and several technology centres, would open up opportunities to explore new developmental stages of the technology business said ASRT president and assistant Minister of Scientific Research of Egypt, Professor Maged Al-Sherbiny.
Besides opening up opportunities to explore the technology business, the collaboration would benefit both countries in enhancing the capacity of relevant agencies to implement and manage technology development and commercialisation programmes.
It would also assist in establishing a complete and functional ecosystem for technology transfer, commercialisation and business engagement as well as accelerate transfer of technology, development of new technology companies and technology commercialisation, the release stated.
The objectives of the collaboration included transfer of knowledge and expertise to the relevant national agencies of Egypt, provision of advisory services to develop government-backed technology ecosystems, assistance in planning and implementation of market-driven technology commercialisation and technopreneurship programmes, and strengthening of bilateral and multilateral programmes for technology transfer and commercialisation.