According to Yonhap News,

The Gyeonggi Economic Cooperation Group led by Governor Kim Mun-su inked a memorandum of understanding (MOU) on trilateral technology cooperation Wednesday with President of the Korea Polytechnic University (KPU) and Vice President of International Department of the Bauman Moscow State University.

Under the MOU, Bauman Moscow State University, called “Massachusetts Institute of Technology of Russia,” will transfer its cutting-edge original technology to Gyeonggi-based small and medium enterprises (SMEs) and then the SMEs will make the technology commercially available.

The KPU will team up with the Bauman University to establish a joint venture.

The university boasts 182 years of long history, taking the lead in engineering sectors including electricity, electronics and optical robots. Many Nobel Prize winners and nine world-famous astronauts are graduates of the Bauman University.

MIR System and MARU LSI, Gyeonggi-based material manufacturers, which are under negotiation with the university on technology cooperation, also attended the signing ceremony.

“Our cooperation in IT and machinery with the companies could make our technology commercially available. We are ready to support Gyeonggi-based companies, if Gyeonggi submits lists of sectors seeking technology cooperation with us,” said Vice President of the Bauman University.

Governor Kim inked another MOU with Vice President of the state-run technology corporation on establishment of a joint-venture between the Russian corporation and Gyeonggi-based SMEs.

“We will make every effort to support Russia’s various cutting-edge technologies to be commercialized,” said Governor Kim. “The MOUs will also be an important opportunity to enhance cooperation between Korea and Russia.”

Source Text

Source: Yonhap News (Oct. 25, 2012)

** This is the translation of a Korean article.