The Agreement on bilateral cooperation on research, development, and technological innovation 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) of Israel are the two Cooperating Authorities responsible for implementing this Agreement.
Korea-Israel Industrial R&D Foundation (KORIL-RDF) was jointly established by the Korean Ministry of Trade, Industry & Energy (MOTIE) and the Israel Innovation Authority (IIA) in May 2001 under the Agreement on bilateral cooperation on research, development, and technological innovation between Korea and Israel.
Our missions are to generate mutual benefit for Korea and Israel by promoting collaborative industrial R&D and to strengthen science and technology, business to business, and ultimately economic and trade relations between the two countries.
According to the current version of the bilateral Agreement, both countries each contribute the sum of USD 4 million per year to KORIL-RDF. The objective of KORIL Fund is to support partnerships between Korean & Israeli companies and award grants up to USD 5 million per joint project.
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.
