Uruguay’s Ministry of Industry, Energy and Mining of Uruguay signed a memorandum of understanding with Jerusalem-based global venture investor OurCrowd to collaborate in the potential establishment of a technology startup incubator in Uruguay as part of the Uruguay Innovation HUB Program.

OurCrowd hosted the March 26 signing ceremony attended by a Uruguayan government delegation accompanying Uruguay’s Minister of Industry, Energy and Mining, Omar Paganini.

The agreement was signed by Paganini, OurCrowd CEO Jon Medved and OurCrowd Partner and Head of Incubators Ori Sobovitz.

The Uruguay Innovation Hub is envisioned as a program to strengthen the country’s innovation and entrepreneurship sector, with the aim of promoting it as a nucleus for the development of new businesses for the Latin American region and beyond.

“OurCrowd currently operates five government-backed incubators in Israel and one abroad [in New Zealand], which utilize Israel’s renowned technological and academic resources to support early-stage startups,” said Sobovitz.

“We plan to build on this model in Uruguay, already a regional magnet for innovation, which we view as a springboard to expand across Latin America. We seek to incentivize the private sector, including VCs, MNCs and local conglomerates, to invest in these companies, substantially contributing to the entire ecosystem.”

Paganini said Uruguay is “ready to take the leap that will make it a regional reference, with a global projection, in the attraction of innovative ventures at different stages,” noting that “the economic, social, institutional and legal stability of the country provides certainty and confidence to attract long-term investment.”