Industry Ministry discusses joint R&D projects with Israeli businesses

Korea's Industry Ministry said Tuesday it kicked off an event to discuss opportunities for joint research and development projects with Israel in cutting-edge technologies.

Headquarters of Ministry of Trade, Industry and Energy in Sejong [NEWS1]

Korea's Industry Ministry said Tuesday it kicked off an event to discuss opportunities for joint research and development projects with Israel in cutting-edge technologies.

Korea-Israel Innovation Day, which was co-hosted with the Israel Innovation Authority, was held in Seongnam, Gyeonggi, to discuss possible areas of cooperation with Israeli businesses, according to the Ministry of Trade, Industry and Energy.

The event especially focused on broadening exchanges in the semiconductor and smart mobility industries.

Major Korean businesses, including Samsung Electronics, Hyundai Motor and LG Electronics, took part in the event, along with Israeli semiconductor firms, such as Classiq Technologies, TriEye and NewPhotonics.

The two countries plan to support competitive projects developed from the event through bilateral research funds.

The number of applications for joint technology projects between Korean and Israeli businesses, which came to just seven in 2020, increased to 34 last year, reflecting the closer cooperation.

The Korean and Israeli governments have so far invested $93 million in 206 projects since 2021.

Yonhap