The fact that after long-term contact with each other, executives from the HSP and MSP found that the two hi-tech parks bear striking similarities to each other in some areas and have enormous potential for complementing each other prompted the two park administrations to sign the MOU, the spokesman noted.

Under the terms of the MOU, the spokesman said, the MSP will provide a base for HSP products to enter European markets, which will boost the HSP’s global competitiveness.

The MOU further grants three-month rent free treatment to manufacturers in the HSP that intend to use facilities and equipment at the MSP, described as a world-class science and technology community, according to the spokesman.

According to the MOU, both parties agree to share mutually beneficial business opportunities as well as offer mutual business counselling, the spokesman added.