JERUSALEM, June 23 (Xinhua) -- The Israeli Innovation Authority (IAA) announced on Sunday that it has signed an agreement with Singapore's ST Engineering, one of Asia's largest engineering groups, to connect the company with groundbreaking Israeli start-up companies and innovations.
The cooperation will be in the fields of smart mobility (intelligent transportation systems and autonomous buses), smart security, and smart environment.
The partnership is part of the IIA's MNC program (R&D Collaboration with Multinational Corporations) which offers a unique framework for technological cooperation with Israeli companies.
As part of the agreement, the IIA will support ST Engineering in identifying technological developments and scouting Israeli companies that fall within its sphere of activity.
To support further development of specific technologies, the IIA will provide financing for the Israeli startup companies, while ST Engineering will support the startups' R&D, testbed, marketing, and other global activities.
"R&D cooperation with Israel marks an important milestone for ST Engineering as it facilitates our work with the IIA and leading Israeli companies who can become technology partners for our mobility solutions," said Lee Shiang Long, president of ST Engineering's Land Systems sector.
Aharon Aharon, CEO of the Israel Innovation Authority, added that "the agreement is an addition to the well-known SIIRD Foundation (Singapore Israel Industrial R&D) between the IIA and Enterprise Singapore governmental agency, and will serve to strengthen R&D and commercialization relations between the two countries."
