Malaysian Technology Development Corporation (MTDC) and the Egyptian Academy of Scientific Research and Technology (ASRT) entered into a Memorandum of Understanding (MoU) here today, to embark on a commercialisation and research partnership.

MTDC Chief Executive Officer Datuk Norhalim Yunus said the collaboration between the MTDC and ASRT was an excellent platform towards enhancing the capacity of both parties.

"It allows us to implement and manage technology development and commercialisation programmes," he told reporters after the MoU signing ceremony.

Norhalim signed the MoU on behalf of MTDC, while Professor Dr Al Sherbini Maged, President of the ASRT inked the agreement for the Academy.

The signing was witnessed by the Malaysian Ambassador to Egypt, Datuk Dr Mohd Fakhrudin Abdul Mukti.
Norhalim said the MoU would also accelerate the transfer of technology and the development of new technology companies for commercialising technology developed via the collaboration.

"This collaboration will also create new markets and economic groupings through bilateral and multilateral cooperation between technology companies of both countries," he added.

Meanwhile, Maged said the collaboration would enable more Egyptian enterprises to enter the Malaysian market.

"The MoU will create a win-win situation for the Malaysian and Egyptian economy. More jobs and value-added industries will be created through this collaboration," he added.

MTDC, a wholly-owned subsidiary of Khazanah Nasional, was established in 1992, and has been the key player in the promotion and commercialisation of local inventions and acquisition of foreign technologies.

The ASRT was established by Presidential Decree in 1971 and is Egypt's national body responsible for science and technology with members drawn from universities, research centres, institutes and production sectors.