Latvia and South Korea share focus on sustainable innovation - Indriksone

RIGA - Latvia and South Korea share focus on innovation and sustainable development, as well as digitalization solutions in various sectors, Economics Minister Ilze Indriksone (National Alliance) said in South Korea on Thursday after signing a memorandum of understanding on cooperation in the area of startups and innovation.

The cooperation memorandum between the Latvian Economics Ministry and South Korea's Gyeonggi Province provides for mutual support to the development of the network of startups and expansion to the Latvian and South Korean markets, as well as cooperation in sustainable innovation, new technologies, smart mobility and digitalization. 

During a meeting with the governor of the Gyeonggi Province, the Latvian ministr discussed prospects of cooperation on high-tech projects and research programs, including in the areas of biomedicine, biotechnology and Latvia's Smart Specialization Strategy, as well as space research where Latvia has well-developed infrastructure and technologies. 

Indriksone and a delegation of Latvian business people are on a working visit to South Korea from July 12 this year to promote bilateral economic cooperation and expand export opportunities for Latvian businesses in the Asian region.

During the visit, a memorandum of understanding was signed between the Latvian Investment and Development Agency and the Korean investment organization Eugene Capital and Securities on cooperation in investment attraction, as well as a memorandum of understanding between the Association of the Latvian Chemical and Pharmaceutical Industry and the Korean Biotechnology Industry Organization on cooperation in the biopharmaceutical industry and healthcare.

During her visit, Indriksone opened the international biomedical and biotechnology exhibition "Bioplus Interphex Korea", where Latvia has been granted the status of a country of honor for the first time. She is also scheduled to meet the South Korean minister of trade, industry and energy, the minister of science and ICT and the mayor of Incheon, as well as to visit several science and biotechnology centers.