Israel and Colombia signed an agreement on cooperation in industrial R&D. The signing comes following a series of agreements over the past few years between Israel and Latin American countries, including Brazil, Mexico, Argentina and Uruguay.
The agreement will enable companies from both countries to receive government funding for joint projects in industrial R&D and projects focused on adapting products to the Colombian market.
Colombia is the fourth largest economy in Latin America, after Argentina, Brazil and Mexico. Its economy is characterized by a free market, a stable government and consistent growth, largely as a result of improvements in the field of entrepreneurship, as well as openness in the fields of commerce and investments.
Reforms have focused on improving regulation and encouraging a strong private sector. The agreement creates a working infrastructure for Israeli companies and will allow them to benefit from assistance in looking for partner companies and for funding for collaborative projects.
Colombia’s local market is developed and ‘thirsty’ for Israeli innovation. This agreement opens many opportunities for Israeli companies interested in breaking into the Colombian market in particular and to Latin America markets in general."
Over the past few years, a special effort has been made to promote business activity with Latin American countries on several levels: exports, commerce and cooperation on R&D.
The cluster of agreements with Latin America serves an important purpose beyond funding joint projects – it is intended to build bridges between Israel and all Latin American countries on a number of commercial levels.
The agreement was signed by Israel's Ambassador to Colombia Marco Sermoneta and Colombian Foreign Minister María Ángela Holguín Cuéllar, and will be implemented by the Office of the Chief Scientist at the Israeli Ministry of Economy & Industry through its Americas department, as well as the Colombian National Authority of Science and Technology.
In Israel, the agreement is supported by the Office of the Prime Minister, the Ministry of Foreign Affairs and the Foreign Trade Administration at the Ministry of Economy & Industry. “This agreement will encourage Israeli industry to focus on several technological fields with the Colombian industry.
The potential for cooperation is significant and through the agreement, Israeli companies can gain exposure to Colombian firms and to new potential avenues of cooperation,” said Avi Hasson, Chief Scientist at the Israeli Ministry of Economy & Industry.