FABA inks pact with WTC Shamshabad, Vizag

Hyderabad: World Trade Center (WTC) Shamshabad and Visakhapatnam have signed a Memorandum of Understanding (MoU) with Federation of Asian Biotech Associations (FABA) to work towards a long-term mechanism to promote cooperation in the innovation ecosystem, supporting technology-driven startup companies and thus creating a holistic ecosystem for advancements in innovation in the lifesciences sector in the country.

The collaboration between WTC Shamshabad & Visakhapatnam and FABA is expected to facilitate events for the growth of the life sciences sector in India. The MoU outlines various areas of collaboration between the parties. They have agreed to exchange information regularly and organise exhibitions, seminars, and lectures on the development of the international trade and life sciences sector.

Both the parties will also work towards building linkages to develop international trade among MSMEs in India, by providing training, market linkages, and other trade services' expertise. To ensure the smooth implementation of the MoU, the parties will hold regular meetings to discuss progress and implementation. They will also facilitate trade cooperation as may be mutually agreed upon and exchange trade inquiries and business proposals for joint ventures.

Furthermore, the MoU envisions the exchange of trade delegations and assisting each other in the organisation or participation in international fairs, exhibitions, and trade promotion events held at various locations worldwide.