Milestone Research & Development agreement is expected to broaden economic ties between Israel & Japan
Japan and Israel signed a milestone Research and Development cooperation agreement on Sunday, the Jerusalem Post reported.
The agreement will reportedly supply funding for projects carried out jointly by companies and research centers in both countries.
“We continue our efforts to strengthen economic ties with the countries of East Asia, one manifestation of which is the agreement for parallel support of industrial R&D carried out jointly between Japan and Israel,” Israeli Economy Minister Naftali Bennett was quoted as saying by the Post in response to news of the deal. “This agreement represents a breakthrough achievement and a dramatic change in Japanese policy on economic relations with Israel.”
Bennett also noted that the deal would pave the way for future projects and economic initiatives between Japan and Israel.
Trade between the two countries declined in 2013 due to the significant devaluation of the Japanese yen, which depreciated 25 percent in just under a year.
According to the report, Japanese business people are mainly looking into the fields of technology, defense and cyber security.
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