BAKU, Azerbaijan, June 27. The Center for Analysis and Coordination of the Fourth Industrial Revolution (4SIM) under the Ministry of Economy of Azerbaijan and SABAH.HUB Innovation Center have signed a memorandum of understanding (MoU) within Baku Investment Day (Baku ID 2024), Trend reports.
The memorandum was signed by Fariz Jafarof, Executive Director of 4SIM, and Rahim Bayramli, CEO of SABAH.HUB.
As a component of Azerbaijan's plan to grow its digital economy and foster cooperation in this area, the MoU seeks to strengthen the local startup ecosystem.
According to the memorandum, the parties will collaborate to enhance the innovation ecosystem in Azerbaijan. This includes establishing dual degree programs in artificial intelligence with international and local universities, attracting skilled professionals to the country, and fostering research and training initiatives.
The document also outlines ongoing joint efforts to establish a scientific-industrial cluster within the digital economy framework. Additionally, it involves cooperation with the World Economic Forum's Global Innovators community to adapt and implement similar experiences in Azerbaijan.
To note, Baku is hosting the Baku ID innovation festival, organized with the backing of the SABAH.HUB Innovation Center. This event stands as the premier startup and innovation gathering in Azerbaijan and the wider region.
Azerbaijani Economy Minister Mikayil Jabbarov, Science and Education Minister Emin Amrullayev, along other officials, are joined by over 200 local and foreign investors, more than 100 startups, 5,000 participants, and more than 50 partners at the festival.
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