Iran, Algeria Sign MoU to Foster Innovation, Technology Cooperation
An Iranian political and economic delegation chaired by President Ebrahim Raeisi visited Algerian capital of Algiers on March 2 to attend the 7th Summit of the Gas Exporting Countries Forum (GECF).
During the visit of the Iranian delegation, one of the documents for cooperation that were signed between Iran and the GECF host country was a memorandum of understanding (MoU) in areas of innovation and technology. The document was signed between Iran’s Vice President for Science, Technology and Knowledge-based Economy Rouhollah Dehghani Firouzabadi and Algeria’s Minister of Knowledge Economy, Startups, and SMEs Yacine El-Mahdi Oualid.
Among the goals of the agreement were sharing achievements and innovative experiences to create economic value in the two countries, durable and effective cooperation for the benefit of both countries, helping to promote and develop knowledge-based economy and innovation, and developing effective joint channels for the exchange of technological knowledge, and innovative solutions in areas of mutual interest and establishing cooperation and relations between the two sides in order to promote and develop cooperation in the fields of knowledge economy and innovation in accordance with current laws and regulations in each country based on the principles of equality, practice and mutual benefits.
According to the cooperation document, the two countries were committed to supporting technology transfer projects alongside investment programs for new technology-based firms (NTBFs) as well as start-ups, creating a financial fund dedicated to fostering cooperative initiatives within the framework of an innovation-led knowledge economy, formation of joint companies tasked with undertaking research and development projects while commercializing knowledge-based products, strengthening direct communication among government agencies concerned with regulatory matters along with industrial or commercial organizations, including growth centers like accelerators or houses of innovation and technology.
To ensure a smooth implementation process under the agreement, a joint committee comprising equal representatives from each side will be set up within two months of signing the MoU. The joint committee will be managed jointly by the heads appointed by each of the parties, and the meetings of the joint committee will be held alternately in Tehran and Algiers.
As part of the MoU, the joint committee is tasked with providing direction and guidance for the implementation of the MoU maximally six months from the time of signing it; plan, coordinate, monitor, and facilitate scientific and technological cooperation between the parties.
Moreover, the joint committee needs to formulate and finalize mechanisms to facilitate and support the implementation of joint activities, such as financial transactions; determine the commitments of the parties and the format of joint contracts; as well as an annual review of the methods and areas of cooperation.
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