Paris, Feb. 14 (CNA) Taiwan's Department of Industrial Technology and French financial company OSEO signed an agreement Monday to cooperate in promoting innovation and research and development.

OSEO, a French public company that provides financial support for small and medium-sized enterprises and helps them to innovate, will support development and innovation projects between the two countries and help finance the ventures.

The signing ceremony took place at Taiwan's representative office in Paris and was witnessed by Representative Michel Lu.

"The two sides can upgrade each other's competitive edge through bilateral cooperation," Lu said.

OSEO Chairman Francois Drouin said the company helps enterprises with technological innovation and can offer them financial guarantees or loans through co-financing.

A total of 84,000 companies raised 31 billion euros in financial assistance through OSEO last year.

Taiwan's representative office in Paris said the signing of the agreement will help spur technological cooperation between the two sides and attract French manufacturers to set up research and development operation hubs in Taiwan.

OSEO has already signed cooperation deals with Canada, Japan, Israel, China and Mexico. (By Lo Yuan-shao and Lilian Wu)