Ministry of Enterprise and Innovation enters into memorandums of understanding with South Korea

Together with his South Korean counterparts, Minister for Business, Industry and Innovation Ibrahim Baylan will sign two memorandums of understanding between Sweden and South Korea on Saturday. One of the memorandums concerns cooperation on start-ups and small and medium-sized enterprises and will be entered into with the South Korean Ministry of SMEs and Startups. The memorandum covers various forms of experience exchange, sharing of information and cooperation concerning issues such as gender equality. One important part of the memorandum focuses on a Korean Start-up Centre in Sweden, which will facilitate establishment in the market and exchange for innovative fast-growing start-ups from both South Korea and Sweden.

The other memorandum concerns cooperation in the areas of industry, technology, innovation and enterprise, and is being entered into with the South Korean Ministry of Trade, Industry and Energy. The memorandum covers technological cooperation, experience exchange concerning policy development, gender equality, mobility and skills exchange, and facilitating R&D cooperation in the private sector. The memorandum also covers the establishment of a committee for industrial cooperation to facilitate dialogue between the two countries.

“As two of the world’s most innovative countries, Sweden and South Korea have a great deal to learn from each other and many reasons to cooperate on new technology, digitalisation and sustainability issues. I am therefore pleased that we are now deepening cooperation between our countries and entering into memorandums of understanding in two important areas: innovative start-ups and industrial and technological cooperation,” says Minister for Business, Industry and Innovation Ibrahim Baylan.

This year, Sweden and South Korea celebrate 60 years of diplomatic relations. Ties between Sweden and South Korea are very good, and there are many common areas of interest, such as new technology, innovation and sustainability.

South Korea is one of the world’s most innovative countries and regularly tops various rankings measuring countries’ innovation capacity. It is the fourth largest economy in Asia, Sweden’s third largest export market in the region, and one of the Swedish Government’s 26 priority markets.

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