South Korea and Israel agreed Tuesday to jointly invest $10 million in the development of key technologies for the smart mobility sector over the next three years, Seoul’s industry ministry said.
The two nations signed a memorandum of understanding (MOU) that calls for the joint push for research and development programs in the smart mobility field, including autonomous driving, electric vehicles and shipbuilding, with the $10 million fund over the next three years, according to the Ministry of Trade, Industry and Energy.
The signing ceremony took place during the bilateral “innovation day” forum held in Tel Aviv on the day, which was organized by the ministry and the Israeli Innovation Authority meant to discuss cooperation on advanced technologies and explore joint business chances, it added.
“The two nations can become global leaders in the sector together, as South Korea is the world’s mobility powerhouse and Israel has more than 500 research centers and startup firms in the future vehicles field,” ministry official Lee Min-woo said.
South Korea and Israel signed an agreement on industry technology cooperation in 1998, and have jointly spent $77 million on around 196 projects.
Source : Korea Times