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According to Yonhap News,

(DAEJEON = Yonhap News) The Electronics and Telecommunications Research Institute (ETRI) and German research organization Fraunhofer-Gesellschaft signed a letter of intent for a joint venture to strengthen cooperation in research and development (R&D), according to the ETRI on March 30.

Last November, the two parties also concluded a memorandum of understanding (MOU) to enhance cooperation in the fields of parts and materials, telecommunication, internet and next-generation information industries as well as communications technologies such as the Graphene materials and cyber physical systems (CPS).

The letter of intent, which is considered a follow-up measure to the MOU, was first suggested by Fraunhofer-Gesellschaft. The ETRI and the German counterpart agreed to invest equal amounts to create a matching fund for research cooperation.

“It is not common to see Fraunhofer-Gesellschaft using its research fund to enhance cooperation in the field of research and development with a foreign institution,” said Kim Heung-nam, President of ETRI. “Fraunhofer-Gesellschaft actively supports the research and development projects of small and medium-sized enterprises, and we believe the organization will also help domestic SMEs with outstanding technological capacity advance into the global market.”

With an annual budget of more than KRW 2.8 trillion and 22,000 workers, Fraunhofer-Gesellschaft is one of the top four state-funded research organizations in Germany. Its areas of research include information & communications technology, biotechnology, optics, surface treatment, production technology and more.