S. Korea, Israel to speed up joint R&D projects

South Korea and Israel said Monday they plan to speed up joint research and development projects to cope with the changing business environment amid the COVID-19 pandemic.

The announcement came after the two countries announced earlier this year that they will increase contributions to the Korea-Israel Industrial R&D Foundation. The foundation kicked off in 2001 to promote bilateral technology exchanges.

In May, South Korea and Israel vowed to each disburse $4 million annually for the foundation, which is double the previous annual budget of $2 million. On the back of such efforts, the foundation on Monday decided to fund two new projects, namely the development of AI-based ultrasound self-diagnostic devices and a new type of medical treatment based on genes.

The foundation also vowed to raise the ceiling on the amount of grant provided for a single project to $1.5 million from the previous $1 million.

South Korea and Israel decided to provide up to $3 million for projects that are deemed strategically crucial, the foundation added. (Yonhap)