Israel and South Korea are to set up a joint industrial research and development fund, reported Haaretz newspaper. The agreement will be signed next week during a visit by the director general of the industry and trade ministry, Reuven Horesh, to the South Korean capital, Seoul.
The two governments, said the daily, will contribute equally to a fund that will total $2 million this year.
According to the initial agreement, the fund will operate for three years, with the aim of encouraging joint research and development projects between companies in the two countries.
Israel's funding for the project will come partly from the industry and trade ministry's industrial department, and partly from the international cooperation budget of the chief scientist's office, Haaretz said.
Horesh will lead a delegation from Israel, consisting of local businessmen, to south Asia.
Their trip will include visits to Indonesia and Singapore, said the paper -- Albawaba.com
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