FIPCO signs non-binding MoU with IMSIU for scientific research, training cooperation

Logo of Filling and Packing Materials Manufacturing Co. (FIPCO)

Filling and Packing Materials Manufacturing Co. (FIPCO) signed on Jan. 17, a non-binding memorandum of understanding (MoU) with Imam Mohammad Ibn Saud Islamic University (IMSIU) to enhance cooperation on scientific research, training, development, consulting and quality assurance, the company said in a statement to Tadawul.

The MoU also seeks to utilize the shared experiences on joint cooperation area, which contributes to achieving strategic goals for both sides.

The MoU is valid for three years as of Jan. 17, without any financial or legal obligations for either party, the statement said.

IMSIU is a non-profit government entity with outstanding educational, research and training capabilities and expertise in various fields, foremost of which is scientific research for applied purposes, it added.

FIPCO, by the means of this MoU, aims at achieving community service cooperation and integration, as well as meeting the leadership’s aspirations and directives in the framework of Vision 2030.

Moreover, FIPCO targets developing the industrial practices followed in the company, enhancing capabilities and increasing production efficiency, in line with its vision and ambition across vital areas including, but not limited to, scientific research, sustainability solutions, and artificial intelligence initiatives introduction to manufacturing processes.

The company is also concerned with applying digital transformation programs, and achieving the Fourth Industrial Revolution goals.

The memorandum stipulates for enhancing means of cooperation and mutual joint investment in research projects, organizing joint meetings and workshops, and exchanging sources of knowledge in addition to academic and technical expertise.

It also includes sharing programs in the field of planning and institutional excellence, improving the performance of departments, facilitating cooperative training programs for relevant college employees, attracting university graduate competencies, and providing the necessary support for the company's employees in completing postgraduate programs, in accordance with the provisions of laws, regulations and capabilities available to both parties.

The company stated that there is no interest for related parties associated with this memorandum.