S. Korea, Israel to speed up joint R&amp;amp;amp;amp;amp;amp;amp;D projects
SEOUL-- South Korea and Israel said Monday they plan to speed up joint research and development (R&amp;amp;amp;amp;amp;amp;D) 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&amp;amp;amp;amp;amp;amp;D Foundation. The foundation kicked off in 2001 to promote bilateral technology exchanges.
In May, South Korea and Israel vowed to each disburse US$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.
Source: Yonhap News Agency