Riyah – Mubasher: The Saudi Ministry of Economy and Planning has signed a memorandum of understanding (MoU) with Austria’s Ministry of Labour and Economy to boost economic cooperation between the two countries.

The MoU aims to diversify and strengthen economic ties, exchange experiences and information, and encourage cooperation in various fields, including trade, industry, research and development, tourism, and small and medium enterprises (SMEs), according to the Saudi Press Agency (SPA).

The agreement outlines plans to organise conferences, seminars, and expert exchanges, along with fostering cooperation between government institutions and the private sector.

The parties also commit to protecting intellectual property rights and sharing information for the purposes specified in the MoU.

The recent agreement was signed during the ninth session of the Saudi-Austrian Joint Committee held in Vienna.

It falls under the framework of a 2004 cooperation agreement in economic, commercial, industrial, and technical fields between the two governments.