Seoul's Ministry of Trade, Industry and Energy says the 2016 Korea EUREKA Day kicked off in the Swedish capital of Stockholm on Monday for a three-day run aimed at boosting a research and development(R&D) network between South Korea and European nations.

The ministry said Vice Trade Minister Lee Kwan-sup and Oscar Stenström, State Secretary to the Swedish Minister for Enterprise and Innovation will attend the Korea EUREKA Day opening ceremony on Tuesday.

The Korea Institute for Advancement of Technology and the EUREKA Secretariat will also sign a memorandum of understanding on the EUREKA InnoVest Programme, which strives to provide investment readiness tools for small and medium-sized enterprises. 

Korea EUREKA Day is an annual conference on technological cooperation launched since Seoul joined the EUREKA organization. This year's event runs through Wednesday.

The Korea EUREKA Day, the seventh of its kind, has over the years resulted in some 820 cases of one-on-one counseling on tech cooperation between South Korean and European firms. The event is also responsible for discovering over 50 percent of all joint R&D projects with Europe.

EUREKA is a European network and platform for industrial R&D cooperation that includes 44 countries.