Prime Minister Han Seung-soo held a meeting with German Chancellor Angela Merkel in Hannover, Germany, Monday afternoon.

The South Korean prime minister introduced a wide range of projects on which he said the two nations should seek cooperation.

He then laid out the South Korean government’s plans for massive budget allocations in support of green economic growth engines, which he said would help sharpen the nation’s competitiveness.

The German chancellor concurred with Han, saying that green growth is one of the main strategies her country plans to pursue in the future. She also stressed the importance of innovation and investment in research and development to that end.

Merkel proposed closer cooperation between the two countries in promoting green growth and penetrating foreign markets, as both nations are heavily dependent on exports.

As a follow-up to the agreement, the Korea Institute of Energy Research will sign a memorandum of understanding with Germany’s Jülich Research Center on cooperation in energy development on Wednesday.