Israel has signed a memorandum of understanding with the state of New York on industrial cooperation in the area of research & development.
The cooperation agreemement was signed by New York's David Paterson and Israel's Industry, Trade and Labor Minister Binyamin Ben-Eliezer. The operation and implementation of the agreement will be put under the responsibility of the Chief Scientist's Office at the Industry, Trade and Labor Ministry.
Ben-Eliezer said that the agreement will help Israeli companies to get involved and cooperate with leading research centers in the US. Under the terms of the agreement a financing framework for mutual R&D projects between Israeli and New York companies will be set up to serve as an incentive to accelerate cooperation between the two countries. The agreement includes the commitment of the countries to share the risk involved in the projects.
In addition the agreement seeks to assist companies in finding financing sources for R&D projects as well as initiate symposiums and seminars in the areas of nanotechnology, biotechnology, and public and internal security.
In the first six months of the year Israeli exports to the US dropped by 12.5% compared with the same period last year and amounted to $7.4 billion. During the same period US imports to Israel fell by 22.05% compared with the first half of last year and amounted to $4.6 billion.