Israeli companies and Hong Kong-based companies are looking to a new government-sponsored program aimed at advancing industrial R&D cooperation to give them a leg up in the technological field.

The new program is suited to projects focusing on research and development from all industrial sectors. As part of the program, each company taking part will be funded by the relevant government.

“When the business and technology communities of both Hong Kong and Israel join forces, they would no doubt generate sparkles that would shine in the global technological landscape. The Hong Kong-Israel R&D Cooperation Program marks a new milestone in our endeavor to forge closer ties in the private sector, creating new opportunities,” said Secretary for Innovation and Technology representing the Government of the Hong Kong Special Administrative Region (SAR), Nicholas Yang.

Avi Luvton, Executive Director, Asia Pacific, at MATIMOP, said Hong Kong holds a special status as a world class financial, trading and business center. He said that its important location in the rapidly-developing heart of East Asia gives Hong Kong economic and strategic significance for Israeli companies, and that there is no doubt that the new program will make a significant contribution towards realizing the potential for cooperation between the two governments.

“With the new program, it will be possible to realize the unique technological ideas brought forward by various companies from Hong Kong and Israel,” said Chief Scientist at the Israeli Ministry of Economy and Industry, Avi Hasson. “I certainly believe this program will further advance technological ties between the two countries to even higher levels.”

The Office of the Chief Scientist at the Israeli Ministry of Economy and Industry and the Innovation & Technology Commission in Hong Kong (ITC) recently announced the launch of the new R&D cooperation program to fund joint projects.

In Hong Kong, entrepreneurs will receive funding through the ESS (Enterprise Support Scheme) program, managed by the Innovation and Technology Fund (ITF); in Israel, funding will be given by the Office of the Chief Scientist at the Israeli Ministry of Economy and Industry and the program will be managed by the executive branch of the Office of the Chief Scientist, the Israeli Industry Center for Research and Development (MATIMOP).