PREAMBLE

By this Agreement, the CYPRUS MINISTRY OF COMMERCE, INDUSTRY AND TOURISM (hereafter referred to as "MCIT") and the UNIVERSITY AT ALBANY, STATE UNIVERSITY OF NEW YORK (hereafter referred to as "ALBANY") establish a cooperative relationship in their areas of interest devoted to the promotion of science and technology, and for the purpose of establishing a long-term mutually beneficial association.

This Agreement sets forth the general principles which the Parties will follow in the development of initiatives for developing science and technology in Cyprus.

Either party will inform the other about any similar agreements with other organizations with regard to these matters.

Each party will respect the intellectual property policies of the other party.

The following are the specific terms of this Agreement:

ARTICLE ONE

MCIT and ALBANY agree to promote scientific and technological development in areas of common interest on the basis of mutual respect for each other's autonomy, in conformity with the laws and regulations in force in each country, and within their respective available resources.

ARTICLE TWO

MCIT and ALBANY agree to exercise their best efforts to develop additional Letters of Agreement that will further define specific joint activities.

ARTICLE THREE

MCIT and ALBANY agree to exercise their best efforts to develop the following forms of cooperation:

1.  identification of scholars that may be interested in research on high-tech issues in Cyprus and assistance in identifying inventors that may be interested in incubating their ideas in Cyprus.

2.      possible uses of expertise and facilities at the University at Albany by the high-tech business incubators in Cyprus

3.      development of the procedures for the evaluation of applications as well as possible consultation in the evaluation of selected applications for admission to the business incubators in Cyprus

4.      establishment of closer links with Cypriot institutions of higher education for the promotion of high technology in Cyprus

5.      pursuit of other opportunities that might contribute to the promotion of high technology in Cyprus

ARTICLE FOUR

In accordance with the principle of mutual and equal benefit, international travel costs (that is, between MCIT and ALBANY) will be borne by the visiting party, unless otherwise provided for by specific arrangements. In addition, the visiting organization, subject to existing laws and regulations, will provide funds for daily subsistence (room, board, local transportation, and incidental expenses). The cost of medical insurance and educational costs for any course taken at the host institution will also be borne by the visiting party.

ARTICLE FIVE

Both Parties affirm their commitment to the principles of equal opportunity and nondiscrimination. Participation in any exchange activities under this Agreement, shall be based solely on the scholarly background of the candidates.

ARTICLE SIX

MCIT and ALBANY will facilitate the entry to, stay in, and exit from the host country for the participants in the programs within the framework of this Agreement.

ARTICLE SEVEN

MCIT and ALBANY shall collaborate in developing specific programs of cooperation under this Agreement to be embodied in and implemented through separate Letters. Furthermore, MCIT and ALBANY will coordinate their actions and make every effort, individually and cooperatively, to pursue the financial resources necessary to maintain a substantive cooperation.

ARTICLE EIGHT

Mechanisms for coordination and consultation: Implementation of this Agreement shall require close coordination and consultation between the two Parties. Consequently, the Parties agree to establish a Joint Science and Technology Cooperation Committee to accomplish the objectives of the Agreement. The Committee shall consist of senior persons from both Parties who will act as co-chairpersons. The Committee shall meet as required with meetings being held alternately in the United States and Cyprus.  The Committee shall:

1.      review progress in scientific and technological cooperation between the Parties

2.      develop strategies which can promote the achievement of the objectives of the Agreement

3.      identify other forms of cooperation which may be considered suitable by both Parties.

ARTICLE NINE

This Agreement becomes effective on the date of its signing by the authorized representatives of both institutions. It shall be effective for four years thereafter and then be reviewed prior to signing further Agreements. Either Party may terminate this Agreement after giving six months written notice to the other Party.

IN WITNESS WHEREOF, the undersigned, being duly authorized by their respective Government/organization, have signed this Agreement.

DONE at Albany this twenty first day of October in the year Two Thousand Two in two originals in the English language, both of which shall be equally authentic.