The Saudi Ministry of Economy and Planning and the Ministry of Labor and Economy in Austria have signed a memorandum of understanding (MoU) to enhance economic cooperation between the two countries.
The MoU was signed on the sidelines of the work of the ninth session of the Saudi-Austrian Joint Committee held in Vienna.
The MoU was signed by the Saudi Minister of Economy and Planning Faisal bin Fadel Al-Ibrahim, and the Austrian Minister of Labor and Economy, Martin Kocher.
The MoU aims to diversify and strengthen economic ties, exchange experiences and information, and encourage cooperation in a number of fields, including trade, industry, research and development, tourism, small and medium enterprises.
Among the content of the MoU is the organization of conferences, seminars and the exchange of visits between experts, in addition to cooperation between government institutions and the private sector.
The parties are also committed to protecting intellectual property rights and exchanging information for the purposes specified in the MoU.
This MoU comes within the framework of a cooperation agreement in the economic, commercial, industrial and technical fields signed between the two governments in 2004.
The meeting of the ninth session of the Saudi-Austrian Joint Committee was co-chaired by Undersecretary for International Economic Affairs at the Ministry of Economy and Planning Albara Alaskandarani from the Saudi side, and the Director General of Economic Affairs, Innovation, and International Policy at Austria’s Federal Ministry of Labour and Economy, Florian Frauscher, from the Austrian side.
During the meeting, several initiatives to enhance cooperation between the Kingdom of Saudi Arabia and the Republic of Austria in various economic and commercial fields were discussed.
The meeting also addressed ways to enhance cooperation in innovation and technology, exchange experiences in economic and development policies, and highlight investment opportunities available in both countries.
The two sides stressed the importance of continuing and developing cooperation to serve common interests and enhance economic and trade relations between the two countries.
