A new partnership between Israel’s innovation Authority and the Brazilian agency for industrial research and innovation was publicised on Monday.
The innovation agencies signed a memorandum of understanding (MoU) on technological innovation and industrial research and development. The MoU you is set to increase both country’s competitiveness and capacities in innovation.
According to Xinhua, this partnership is the first joint action aimed at enhancing the technological capabilities of companies, enterprises and startups in the two countries. The MoU is believed to lead to the opening of opportunities for further cooperation between Brazil and Israel – that could lead to innovative processes and products.
Authorities will allocate a budget of $5 million for a five year period to support research and development projects which will lead to finding relevant solutions for technological challenges in both Israel and Brazil.