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May 25, 2020

Romania’s Economy Ministry, South Korea’s Ministry of Strategy and Finance sign memorandum of understanding

Romania’s Ministry of Economy, Trade and Relations with the Business Environment have signed in Seoul a memorandum of understanding with South Korea’s Ministry of Strategy and Finance to make official the cooperation under a Knowledge Sharing Program (KSP), the Romanian ministry reported on Friday.

KSP is a program established by the Government of South Korea to support economic development and cooperation designed to facilitate exchanges of experience and support increasing business performance of countries in partner countries and their productivity.

Signing the memorandum on behalf of Romania was State Secretary with the Economy Ministry Claudiu Vrinceanu as part of a visit to Seoul, South Korea, April 17-23. In Seoul, Vrinceanu also attended a workshop called “Interim Reporting & Policy Practitioners,” where it underscored the idea of bilateral cooperation for the implementation of the Knowledge Sharing Program to create a national productivity centre in Romania.

The visit to Seoul of the Romanian delegation was organised by the Hankuk University and the Knowledge Development Institute under the Knowledge Sharing Program designed to boost business performance and productivity of Romanian companies.

The Romanian delegation used this opportunity to conduct experience sharing and documentary visits to similar Korean organisations, which specialise in business productivity research. The agenda included visits and talks with exhibitors at the Seoul International Wines & Spirits Expo, April 21-23, 2016, where three Romanian companies – Budureasca, Lacerta, Senator Wine – are displaying at their own stands.

The working visit of the Romanian delegation to Seoul is the result of Romania’s Economy Ministry having prioritised the establishment of an inter-ministerial committee on competitiveness by the end of 2016.

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