Mission and Activities
The Agreement on bilateral cooperation in private sector industrial research and development between Korea and Israel was signed on November 25, 1998.
The Ministry of Trade, Industry & Energy(MOTIE) of Korea and the Israel Innovation Authority (IIA), Ministry of Economy of Israel are the two Cooperating Authorities responsible for implementing this Agreement.
The objectives of the Agreement are to
- Share experiences in national R&D policies and programs of each country
- Promote the activities of each private sector to intensify bilateral industrial R&D cooperation
- Facilitate the identification of specific projects or partnerships between Korean and Israeli companies that can lead to industrial R&D cooperation
- Coordinate and focus suitable government resources and programs to enhance commercial relations and industrial cooperation including the establishment of a joint industrial R&D cooperation initiative
- Give expression to the initiative through the establishment of an Industrial R&D Fund between Korea and Israel to support mutually agreed Industrial R&D Cooperation Projects between entities from the Parties, leading to commercialization in the global market and, in particular, the Asia Pacific region.
In accordance with the Agreement, Korea-Israel Industrial R&D Foundation was incorporated in May 2001 by the governments of Korea and Israel. KORIL-RDF supports industrial R&D projects that lead to potential commercialization and contribute to the economic progress of the two countries; furthermore, to promote and encourage joint industrial R&D collaborations between firms in Korea and Israel.
KORIL-RDF is charged with management of the joint R&D fund consisting of equal financial contributions by both governments totaling USD 4 million per year. Partnerships between Israeli & Korean companies whose joint projects are approved by KORIL-RDF are awarded grants covering up to 50% of the eligible R&D costs to a maximum of USD 1 million. The grants are subject to re-payment, up to but not exceeding the total amount disbursed, when commercial revenues result from products developed in these projects.
Main activities include
- Matchmaking businesses between Korea and Israel
- Project approval and funding to companies
- Consultation for prospective Korean and Israeli companies for joint R&D projects
- Communication between Korean and Israeli government agencies
- Events including joint technological conferences, Industrial Delegation, etc
