Within the framework of the Korean President's official visit to Spain

Spain and South Korea sign two agreements to cooperate in the fields of industrial digitisation and SMEs

Wednesday 16 June 2021

Minister Reyes Maroto considers that "with these agreements we aim to boost the growth of industry, SMEs and startups through digitisation and innovation, which is increasingly important to promote sustainable economic growth and generate quality employment opportunities in both countries. We need to promote business growth in both countries and further develop bilateral cooperation in the field of new technologies".

The first MoU on SMEs contains a commitment to share experiences on innovative SME development policies. Both Spain and Korea will promote innovation and creativity in SMEs and the generation of business opportunities, promoting the internationalisation of small companies and startups. Understanding of the respective ecosystems, incubators, business accelerators and business support organisations will be improved.

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

In the Industry 4.0 MoU, both countries recognise the relevance of Industry 4.0 for the prosperity and international competitiveness of their respective economies and are convinced that bilateral cooperation will enable better exploitation of Industry 4.0-related opportunities in the business context.

The common objective is to deepen cooperation and exchange of the best experiences both at the level of the respective governments and their institutions and organisations involved in this field, on the basis of respect for the principles of equality and mutual benefit.

The following have been identified as areas of special significance in this cooperation: 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.

Non official translation