Korea, EU meet to expand creative economy cooperation

Korea and the European Union (EU) agreed to expand cooperation in science and technology to develop the creative economy.

The Ministry of Science, ICT and Future Planning (MSIP) hosted the fifth Korea-EU Joint Science & Technology Cooperation Committee on Monday in Seoul in association with the EU Directorate General of Research and Innovation (DG R&I).

MSIP Vice Minister Lee Seok-joon and Director-General of DG R&I Robert Jan Smits attended the meeting as heads of delegation.

The creation of the committee is an extension of agreements on innovation and the creative economy made in 2013 when President Park Geun-hye visited Europe.

In 2013, the Korean government and EU agreed to collaborate on joint research in four strategic fields including nanotechnology, bio, energy and ICT, and to initiate various joint R&D projects.

In the meeting Monday, the two decided on 90 billion won ($80.5 million) in joint research that will be initiated in two years.