The event is organized by the National Agency of Science and Technology Information (NASATI), under the Ministry of Science and Technology in coordination with the Korea Institute for Advancement of Technology (KIAT).

The centre aims to exchange information on science and technology, particularly cutting-edge technology, between the two countries, as well as promoting cooperation programs.

Yong-Geun Kim, KIAT President, said the Korean side will help fund cooperation activities to push the development of science and technology in the two countries.

Also, at the ceremony, the two sides signed a memorandum of understanding on cooperation in transferring technology between NASATI and KIAT. 

Both agreed on some key tasks of the centre, which included linking business sectors, gathering information for business demand, organizing seminars and conferences, and promoting technology transfer through exhibitions and fairs to be held in their respective countries.