The memorandum of understanding signed by the governments of Catalonia and the Province of Gyeonggi represents a step towards a "preferred partnership" between the two countries in the creation of technology-based firms. The agreement will give way to collaborations with technology incubators in the Korean province, especially with those at the Gwanggyo Techno Valley, an area dedicated to the research of nanotechnology, biotechnology and ICT. Under this new framework, Catalonia's spin-off firms will be able to establish themselves in Korean incubators under the same conditions as Korean companies. At the same time, Korean companies will be able to enter the European market through Catalonia. The objective of this collaboration is to internationalise spin-off firms created through Catalonia's research parks or universities, while at the same time facilitating the entrance of Korean firms in Catalonia.

UAB's Research Park (PRUAB) played an important role in the signing of this agreement between two of the leading countries in research and innovation.

South Korea is the third economy in Asia (tied with India), with a GNP of 950 billion US dollars in 2007 and with a large investment in research and development. The Gyeonggi province, which surrounds the metropolitan area of Seoul, accounts for more than 30% of the country's industrial activity and houses companies such as Hyundai, LG or Samsung.