THE REPUBLIC OF KOREA AND THE REPUBLIC OF AUSTRIA (hereinafter referred to as "Contracting Parties"),

DESIRING to intensify economic cooperation to the mutual benefit of both countries,

INTENDING to create favourable conditions for investments by investors of one Contracting Party in the territory of the other Contracting Party,

RECOGNIZING that the encouragement and protection of investments on the basis of the present Agreement stimulates the individual business initiative in this field,

HAVE AGREED AS FOLLOWS: