Colorado, one of 12 US states conducting joint industrial projects with Israel, signed an R&D agreement in Jerusalem aimed at establishing parallel funding for companies from both countries.
An official signing ceremony between the American state of Colorado and Jerusalem on the implementation of a joint industrial Research and Development agreement took place on Sunday. The goal is to establish a mechanism of cooperation in order to fund companies from both countries conducting joint projects.
Under the agreement, the companies will work together to develop and commercialize innovative products, receiving financial support from both Colorado and Israel. In Israel, support will come from the Office of the Chief Scientist at the Ministry of Economy, and in Colorado, a new fund established by the state will support the initiative.
Colorado had already signed an R&D agreement with Israel in 2010, but the two states decided to renew the agreement following Colorado’s decision to significantly increase budgets earmarked for Colorado companies conducting R&D, including grants for local industry.
Colorado Governor John Hickenlooper and Israeli Chief Scientist Avi Hasson attended the signing ceremony.
“We are proud to have Colorado among the list of 12 US states which cooperate with Israel on technology and R&D, including New York, Massachusetts, California, Florida and others,” said Hasson. “Cooperation between Israeli companies and American companies has proven its value to both sides. The US is a technological powerhouse and we are proud to be so attractive to US companies, entrepreneurs, investors and developers.”