The Ministry of Commerce, Industry and Energy said Friday that private companies in South Korea and Australia will cooperate on the development of industrial technologies through a joint development program.
Pilot Korea-Australia Industrial Technology Cooperation Fund, a support organization backed by both countries, selected two joint projects June 15. The first project is the development of low-price, heat resistant auto parts by Hyundai Motor Co. and AMC, an Australian firm.
A pilot fund launched last year will get the joint projects going, and the two countries plan to set up a permanent fund after 2003 if the results are favorable.