The board of directors of the Korea Israel Industrial R&D Foundation (KORIL-RDF), headed by Chief Scientist of the Ministry of Industry, Trade and Labor Dr. Eli Opper, approved in its most recent meeting four new joint international projects involving Israeli and South Korean companies, totaling $1.3 million.
In one approved project, Israeli company Dead Sea Magnesium and South Korean company Innocast will jointly develop uses of magnesium for the auto industry. Israeli company Babylon and South Korean company Soltworks are developing a solution for translation to Asian languages, including Korean and Chinese. Israeli company Clalight and South Korean company Feelux will develop a rapid and effective T5 luminaire system, and Israeli company Real-Time Radiography and South Korean company Digital Radiography Technologies will develop a revolutionary sensor for digital radiography systems.
Founded in July 2001, the Foundation has approved 23 international cooperation projects to date, plus two initial projects, including feasibility studies for R&D. The Foundation finances 50% of the R&D expenses for joint projects, up to $500,000 per project.
Opper said that because of the great demand for the Foundation’s support, the high quality of its projects, and the important results of cooperation between Israeli and South Korean companies, it had been decided to increase the Foundation’s budget by 50% to $3 million this year, divided equally between the Israeli and South Korean governments.
Published by Globes [online] - www.globes.co.il - on June 21, 2004