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As a part of the province’s focus on the economy and investment attraction, Alberta has signed a Memorandum of Understanding (MOU) with the United Kingdom to explore opportunities that stimulate innovation and commercialization in new and emerging technologies.
The agreement focuses on science, technology and innovation in these key sectors: artificial intelligence, health and life sciences, agri-tech and agri-food technologies, clean growth and smart cities.
“Alberta is open for business, and this agreement promotes science and innovation which will drive economic growth, attract investment and create jobs, which benefits all Albertans. We recognize the strong two-way flow of foreign direct investment between the U.K. and Alberta, and we are hearing from organizations around the globe that are looking at us as a prime location for investment, relocation and expansion.”
“As the most innovative G7 economy, the U.K. recognizes the value of innovation to economic growth and prosperity and the crucial importance of international collaboration. Through this MOU, the U.K. and Alberta will promote collaboration among innovation leaders in the new technologies of the future securing competitiveness, growth and job creation.”
The agreement also includes participation on a joint innovation forum that will meet biannually to share updates and priorities with a view to converting advanced research into commercial applications leading to economic growth and job creation.
- With the second largest economy in Europe, the U.K. is a top 10 market with the greatest opportunity for Alberta.
- On average, bilateral trade between the U.K. and Alberta totalled $611 million between 2014 and 2018.
- In 2017, the U.K. was Canada’s fifth largest source of foreign direct investment, reaching $7.4 billion.
- Alberta’s expertise in technology development, the life sciences, agriculture and agri-food, and advanced manufacturing offers potential collaboration with partners in the U.K.
- Because of historical ties and cultural, language and legal similarities, the U.K. is a priority market for partnerships, agreements and informational exchanges. The U.K. is also a priority market for other stakeholders, including post-secondary institutions and municipalities.
- The Alberta-United Kingdom Memorandum of Understanding will be in place until September 2022.