Ontario and Israel Renew Successful Research and Development Agreement
Province Invests $3 Million to Foster Continued Innovation and Collaboration
Ontario and Israel are investing $3 million each to renew the successful Ontario-Israel Memorandum of Understanding on Industrial and Technological Research and Development Cooperation.
The renewed agreement, first signed 10 years ago, will support existing collaborative research and development projects between Israel- and Ontario-based companies and includes a new call for proposals for joint initiatives. The projects will help create jobs, advance the commercialization of new products and improve existing products and services in Ontario and Israel.
To date, 15 joint research and development initiatives have been funded under the agreement in areas of medical devices, information and communications technologies, advanced manufacturing, clean technologies and life sciences. The agreement has already helped to leverage $16.7 million in investments from other sources through matched funding and has generated $52.5 million in revenue for participating companies.
Supporting international partnerships is part of the government's economic plan for Ontario. The four-part plan is building Ontario up by investing in people's talents and skills, making the largest investment in public infrastructure in Ontario's history, creating a dynamic, supportive environment where business thrives, and building a secure savings plan so everyone can afford to retire.
- Participating Ontario and Israeli companies project over $1 billion in revenues upon successful completion and commercialization of technologies funded under the Ontario-Israel Memorandum of Understanding.
- When the initial Memorandum of Understanding was signed in 2005, Ontario and Israel committed $3 million each to support strategic, industry-led collaborative activities. In 2010, both governments committed a further $3 million each.
- The Canada-Israel Industrial Research and Development Foundation manages the funding program for both Ontario and Israel.
“Our government recognizes that Ontario’s capacity to compete internationally and to create the jobs of tomorrow depends on collaboration. That is why we welcome this continued partnership with Israel. Connecting companies and researchers in Ontario and Israel will help both jurisdictions become more innovative and productive in a highly competitive global economy.”
“The Ontario-Israel Collaboration Program (OICP) leads the way for bilateral technology cooperation between Ontario and Israel. The OICP is a highly effective gateway that enables the Office of the Chief Scientist to connect with ideal technology partners across Ontario, and facilitate cooperative R&D that benefits both jurisdictions. This cooperation is essential to address our shared innovation and economic objectives.”
“Leveraging our 20-year track record in bilateral technology collaboration, the Canada-Israel Industrial R&D Foundation is proud to deliver the Ontario-Israel Collaboration Program. A proven model of technology cooperation, this program delivers significant value to companies, and the Ontario and Israel economy.”