Israel and Brazil sign $5m. tech agreement

RIO DE JANEIRO (JTA) – Israel and Brazil have signed an agreement to invest $5 million in technology cooperation and innovation over the next five years.

The memorandum of understanding between the Israeli government’s tech investment arm, the Israel Innovation Authority, and the Brazilian Agency for Industrial Research and Innovation was announced on Monday

“This agreement is an important first step in the path of technological cooperation, and we anticipate an increase in joint technology collaboration between Israel and Brazil in the coming years,” said Israel Innovation Authority CEO Aharon Aharon.

The program will support large-scale collaborative projects in the fields of “the Internet of things” networked devices, life sciences, energy and agriculture for up to 24 months, reported the CTech website.

“Investment in innovation and the allocation of resources for technological development are key to sustained economic growth, increased productivity and creating significant economic value,” said Economy and Industry Minister Eli Cohen.

The agreement will be deployed through a joint venture company to be funded by both parties aimed at improving the technological capabilities of companies, promoting activities in the industrial sector and facilitating specific projects, reported Exame magazine.

Israeli companies will be entitled to 12 months of support, according to the agreement, and may renew funding for a second year after reviewing project results.