MEMORANDUM OF UNDERSTANDING
 BETWEEN
 THE MINISTRY OF COMMERCE,
INDUSTRY AND TOURISM
 OF THE REPUBLIC OF CYPRUS
AND
 THE MINISTRY OF COMMUNICATIONS
AND INFORMATION TECHNOLOGY
OF THE ARAB REPUBLIC OF EGYPT
ON
 COOPERATION IN INFORMATION
TECHNOLOGY AND SERVICES


The Ministry of Commerce, Industry and Tourism of Cyprus and the Ministry of Communications and Information Technology of Egypt (hereinafter referred to as “the Parties")

HAVING participated in a number of high technology activities in Information Technology (hereinafter referred to as “IT”);

CONSIDERING that both countries, being participants in the provision of technology and services in the IT sector, intend to develop their partnership in the IT sector in a variety of ways;

RECOGNISING the need to promote co-operation in the IT industry between the parties with a view to leverage capabilities and opportunities on both sides;

DESIRING to facilitate the growth of investments, joint ventures, joint initiatives, technology development and markets in the IT sector, and

INTENDING to implement a technology and industry co-operation programme aimed at fostering business partnerships between both countries;

HAVE REACHED the following understanding:

ARTICLE 1
Basic Principles

The Parties hereby confirm their intention to promote closer co-operation and the exchange of information pertaining to the IT sector in accordance with the relevant laws and regulations of each country and this Memorandum of Understanding and on the basis of equality, reciprocity and mutual benefit.

 ARTICLE 2
Scope of Co-operation

The scope of co-operation between the Parties shall include the following areas relating to IT:

a)            IT software including telecom software

b)            IT enabled services

c)             E-commerce and Information Security

d)            Electronic Governance

e)            IT and Electronics Hardware

f)               HRD for IT education and IT enabled education

g)            Research and Development

h)             Exploring third country markets

i)               Other areas as mutually agreed upon by the parties.

ARTICLE 3
Implementation

In order to implement the scope of co-operation identified in Article 2, a Cyprus-Egypt Working Group on Information Technology (hereinafter referred to as “the Working Group”) shall be set up to identify and facilitate programmes for the purpose of:

a)

Exploring and supporting research and implementation needs in the fields of innovation incubation, venture financing and infrastructural development for IT;

b)

Developing skills through exchange programmes, and through joint sponsorship of conferences, training programmes and seminars in the field of IT;

c)

Involving, wherever possible, entrepreneurs in each country to foster incubation of start-ups companies and setting up of joint ventures in IT hardware and software;

d)

Technology development, product and market development to be undertaken between the two Parties;

e)

Exchanging technical experts in the field of IT and software;  and

f)

Any other areas of cooperation as may be mutually agreed upon.

ARTICLE 4
Working Group

1)

For the purpose of identifying and facilitating programmes under Article 3, the Parties shall designate one or more representatives as members of the Working Group. The designated representatives shall be responsible for seeking any required approval for the conduct of specific co-operative activities from their respective Governments.

2)  

The Working Group shall be responsible for implementing the scope of co-operation as set out in Article 2 above. The Working Group may hold consultations to identify and define future activities under Article 3, review activities in progress or discuss matters related to such activities. Where necessary, and by mutual agreement, the Working Group may hold working meetings alternately in Cyprus and Egypt at a mutually agreed time.

3) 

The composition of the Working Group and the issues to be identified by the Working Group will be agreed upon by the Parties in each meeting of the Working Group.

ARTICLE 5
Ways of Co-operation

1) 

All cooperative activities under Articles 2, 3 and 4 of this Memorandum of Understanding will be conducted in accordance with the applicable laws and regulations of each country.

2) 

All cooperative activities under Articles 2, 3 and 4 of this Memorandum of Understanding will be subject to the availability of funds and other resources of the Parties. The cost of cooperative activities will be shared by the Parties in a manner to be mutually agreed upon.

ARTICLE 6
Cooperation between IT Industries

Both sides would encourage agreements for cooperation between the private sector IT companies and organisations on both sides.

ARTICLE 7
Release of Information

The Parties confirm that neither Party shall disclose nor distribute to any third country any information transmitted by the other side in the process of cooperative activities under this MoU, except as and to the extent authorised in writing to do so by the other Party.

ARTICLE 8
Amendments

This Memorandum of Understanding may be modified or amended as may be required from time to time by mutual written consent of the Parties.

ARTICLE 9
Disputes Settlement

Any and all disputes between the Parties concerning the interpretation and/or implementation of this Memorandum of Understanding shall be settled amicably through consultations and/or negotiations between the Parties

ARTICLE 10
Validity

1)

This Memorandum of Understanding will come into effect on the date of its signature and will remain in force for a period of five (5) years thereafter, unless terminated by either Party giving six (6) months prior notice in writing to the other Party.

2)

This Memorandum of Understanding may be extended at any time within the period it remains in force by mutual written consent of the Parties.

3)

 The termination of this Memorandum of Understanding will not affect co-operative activities under Articles 2 and 3 which are already in progress.

 

IN WITNESS THEREOF, the undersigned, being duly authorized hereof by their respective Governments/ Ministries, have signed this Memorandum of Understanding in Cairo on 6th September, 2005, in two original sets, in the English language, both of which being equally authentic.