Israel is collaborating with South America’s fourth largest economy on industrial research and development.

Israel and Colombia signed an agreement on cooperation in industrial research and development this week, Israel announced on Wednesday.

The signing follows a series of agreements over the past few years between Israel and Latin American countries, including Brazil, Mexico, Argentina and Uruguay. Israel’s Ambassador to Colombia Marco Sermoneta signed for the Jewish State, and Colombian Foreign Minister María Ángela Holguín Cuéllar represented hers.

The agreement will enable companies from both countries to receive government funding for joint projects in industrial R&D and projects focused on adapting products to the Colombian market.

Avi Hasson, Chief Scientist at the Israeli Ministry of Economy and Industry, said the agreement will “encourage the Israeli industry to focus on several technological fields with the Colombian industry. The potential for cooperation with Colombia is significant and through the agreement, Israeli companies can gain exposure to Colombian firms and to new potential avenues of cooperation.”

Israel Shamay, Director of Cooperation with the Americas at the Office of the Chief Scientist, described the agreement as “another level in the activity of the Chief Scientist’s Office in the Americas, intended to cement innovation ties with states and institutions in Latin America” that will make the process more efficient and successful.

Over the past few years, Israel has made special effort to promote business activity with Latin American countries on several levels including exports, commerce and cooperation on R&D.

The collection of agreements with Latin America serves an important purpose beyond funding joint projects – it is intended to build bridges between Israel and all Latin American countries on a number of commercial levels, Israel said in a statement.

Erez Zaionce, Head of the Economic and Trade Mission to Colombia, who is leading the Israeli Ministry of Economy & Industry’s activity in the local market and will closely guide the implementation of the agreement, said Colombia is the fourth largest economy in Latin America, after Argentina, Brazil and Mexico, and praised its economy as “characterized by a free market, a stable government and consistent growth, largely as a result of improvements in the field of entrepreneurship, as well as openness in the fields of commerce and investments.”

Referring to the agreement, Zaionce said it “creates a working infrastructure for Israeli companies and will allow them to benefit from assistance in looking for partner companies and for funding for collaborative projects. Colombia’s local market is developed and ‘thirsty’ for Israeli innovation. This agreement opens many opportunities for Israeli companies interested in breaking into the Colombian market in particular and to Latin America markets in general.”

Israel has also recently signed several agreements with Asian states, opening new markets and opportunities for Israel’s growing economy.

By: United with Israel Staff

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