TAIPEI (Taiwan News) — The sixth edition of the Taiwan-Austria Economic Dialogue concluded with the signing of a memorandum of understanding (MOU) to promote innovation on Tuesday (March 14).

The agreement will result in a link between innovators in both countries and result in even more investment opportunities, CNA reported. The Ministry of Economic Affairs (MOEA) and a delegation headed by Franz Wessig of Austria’s Ministry of Labor and Economy also discussed customs regulations, Industry 4.0, and cooperation on digital issues.

MOEA Vice Minister Chen Chern-chyi (陳正祺) pointed out the important role that small and medium enterprises played in both countries, as well as the existence of little-known companies which nevertheless played key parts in their respective sectors. Green energy and low-carbon businesses also held promises of cooperation and investment, the vice minister said.

Within the European Union, Austria was Taiwan’s seventh-largest trading partner. Trade between the two countries reached a total value of US$1.7 billion (NT$52.07 billion) in 2022, increasing 6% from the previous year, with cars and semiconductors as key growth sectors.