By Hifsa Raja ISLAMABAD, May 26 (INP-WealthPK): The National Institute of Maritime Affairs (NIMA) and the Institute of Regional Studies (IRS), Islamabad, have signed a Memorandum of Understanding (MoU) for bilateral cooperation in education and research. The event took place at the NIMA Headquarters at the Bahria University, Islamabad. The documents were signed by Vice Admiral (r) Abdul Aleem HI(M), Director General, NIMA, and Ambassador Nadeem Riyaz, President of the IRS, Islamabad. The two sides agreed to establish a formal system of collaboration and cooperation for new initiatives by signing the MoU. The agreement's goal is to improve the two institutes' research and academic operations, as well as to intensify cooperation in all areas of interaction and study. The agreement will promote bilateral cooperation, joint activities and sharing of information and experience. Both sides pledged to help each other with literature consultation, publication/research material exchange, joint research projects, and utilisation of facilities at their respective institutes. Abdul Aleem assured the IRS of their unwavering support in research, policy analysis, and other related areas. He said the agreement will not only strengthen bilateral collaboration, but also help promote joint endeavours. Ambassador Nadeem Riyaz believed that this collaboration would be a tremendous opportunity for both parties to benefit. He stated that the MoU will facilitate the study of geostrategic dynamics of the Indian Ocean affairs. NIMA (Islamabad) Director Commodore (r) Bilal Abdula Nasir SI (M) and research team, along with the faculty members of the (IRS), were also present. Research Associate from the Pakistan Institute of Development Economics (PIDE) Abida Noreen told WealthPK that the research collaboration will help in attainment of knowledge to enhance researcher performance. Knowledge-based economy thrives in such research collaborations. It also brings innovation in economy that invests in it, especially through university-industry research collaborations. Research collaborations in dimension of entrepreneurial activity also promote economic growth, she said. The United States accounts for 28% of worldwide R&D investment. China (20%) has surpassed the EU (19%) and Japan (10%). The remainder of the world accounts for 67 percent of the global population but only 23 percent of worldwide R&D spending. GERD (Gross domestic expenditure on R&D) includes both public and private R&D investment. The percentage of GERD conducted by the business enterprise sector (BERD) is larger in economies that place a greater emphasis on technological competitiveness in manufacturing, as evidenced by a higher BERD/GDP ratio. Only a few nations, notably as China, have seen significant increases in BERD/GDP intensity among the major economies for which appropriate statistics are available.