Saudi Arabia and Austria Strengthen Economic Cooperation with MoU Signing
VIENNA: In a significant move to boost economic cooperation, Saudi Arabia’s economy ministry and its Austrian counterpart have signed a memorandum of understanding.
The Saudi Ministry of Economy and Planning and Austria’s Ministry of Labor and Economy came together to seal the deal on the sidelines of the Saudi-Austrian Joint Committee meeting held in the Austrian capital.
The MoU, inked by Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim and Austrian Minister of Labor and Economy Martin Kocher, aims to diversify and strengthen economic ties between the two nations.
The agreement includes provisions for exchanging experiences and information, as well as encouraging cooperation in various fields such as trade, industry, research and development, tourism, and small and medium enterprises.
Moreover, the MoU outlines plans for organizing conferences, seminars, and facilitating visits between experts from both countries, along with fostering cooperation between government institutions and the private sector.
Both parties have also pledged to protect intellectual property rights and exchange information for the specified purposes outlined in the MoU.
This latest MoU builds upon a cooperation agreement signed between the two governments back in 2004, focusing on economic, commercial, industrial, and technical collaboration.