The Kingdom of Saudi Arabia and Austria have taken a big step together to boost economic cooperation by signing a new MoU (Memorandum of Understanding). His agreement was made during the Saudi-Austrian Joint Committee meeting in Vienna.
The MOU was signed by Faisal bin Fadel Al-Ibrahim, Minister of Economy and Planning of Saudi Arabia, and Martin Kocher, Minister of Labor and Economy, Austria.
The goal is to diversify and strengthen the economic ties, share experiences, and information, and encourage collaboration in areas like trade, industry, research and development, tourism, and SMEs.
The agreement also includes plans to organize conferences, seminars, and exchange visits along with fostering cooperation between government bodies and the private sector. Both countries are committed to protecting intellectual property rights and sharing information as specified in the MoU.
This new MoU builds on an existing cooperation agreement from 2004, aiming to enhance economic, commercial, industrial, and technical relations between the two nations.
