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Spain and South Korea sign two agreements to cooperate in areas of digitization and SMEs

Spain and South Korea sign two agreements to cooperate in areas of digitization and SMEs

For Minister Reyes Maroto, with these agreements it is possible to promote the growth of the industry, SMEs and startups through digitization and innovation

The Government of Spain, represented by the Minister of Industry, Commerce and Tourism, Reyes Maroto, and the Government of South Korea, represented by the Minister of SMEs and Companies, Bahk Sahnghoon, and the Minister of Commerce, Industry and Energy, Moon Sung Wook, have signed two Memorandum of Understanding (MOU) to foster collaboration in the fields of SMEs and startups and Connected Industry 4.0.

For Minister Reyes Maroto, “with these agreements we intend to promote the growth of the industry, SMEs and startups through digitization and innovation, which is increasingly important to promote sustainable economic growth and generate quality employment opportunities in both countries. We have to promote business growth in both countries and continue developing bilateral cooperation in the field of new technologies “.

The Memorandum of Understanding (MOU) on SMEs includes the commitment to share experiences on development policies for innovative SMEs. Both Spain and South Korea will promote innovation and creativity in SMEs and the generation of business opportunities, promoting the internationalization of small companies and startups. Understanding of the respective ecosystems, incubators, business accelerators and support organizations will be improved.

The agreement promotes the access of SMEs and startups to markets and financing mechanisms, strengthening risk capital ecosystems and the transfer of knowledge. It also includes the exchange of experiences in aspects such as 5G, Artificial Intelligence, the Internet of Things or the autonomous vehicle.

In the Industry 4.0 MOU, both countries recognize the relevance of Industry 4.0 for the prosperity and international competitiveness of their respective economies and are convinced that bilateral cooperation will make it possible to take better advantage of the opportunities related to Industry 4.0 in the business context. The common objective is to deepen cooperation and the exchange of the best experiences both at the level of the respective governments and their institutions and organizations, on the basis of respect for the principles of equality and mutual benefit.

As areas of special relevance in said cooperation, the following have been identified: the exchange of policies and technologies that generate greater added value, the strengthening of digital solutions specifically in the industrial sector, the promotion and participation of both countries in congresses and the identification of new opportunities with potential for joint cooperation.

Source: Online/KSU

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