Dubai, The Ministry of Industry and Commerce and Dubai Future Foundation signed a memorandum of understanding (MoU), on the sidelines of the 11th session of the Ministerial Meeting of the Joint Higher Committee between Bahrain and the UAE.
Abdullatif bin Rashid Al Zayani, Minister of Foreign Affairs, and Khalfan Belhoul, CEO of Dubai Future Foundation, signed the MoU.
Fakhro said that the MoU aims to enhance cooperation in the Fourth Industrial Revolution disciplines and industrial innovation in line with the industrial strategy (2022-2026), which is implemented by the ministry to build partnerships with regional and global organisations during the economic recovery plan.
He highlighted that collaborating with a future-focused institution would enable the dissemination of a culture of research, development, and industrial innovation, which would result in value-added products as part of the industrial sector strategy for comprehensive economic development (2022-2026) .
Belhoul said the partnership will enhance cooperation with Bahrain's Ministry of Industry and Commerce by integrating technology and developing flexible legislation.
He noted that the partnership will mainly focus on providing and allocating investment to entrepreneurs and innovators and research and development activities in numerous scientific and technological sectors, as well as identifying the most pressing priorities and challenges and finding innovative solutions during the next phase.
Bahrain has launched the industrial sector strategy (2022-2026) within the economic recovery plan, which aims at supporting industrial transformation towards the Fourth Industrial Revolution, encouraging investment in technological infrastructure, promoting supply chains and industrial integration, along with applying concepts of circular carbon economies and environmental and social governance.
Source: Bahrain News Agency