Mitsubishi to open Israel development center

Mitsubishi management Photo: Reuters Toru Hanai

The innovation center in Tel Aviv will scout for investments in startups in digital transformation, Israel's Ministry of Economy and Industry says.

Japan’s Mitsubishi Corp. will open an Israel development center, Israel’s Ministry of Economy and Industry reports. The innovation center in Tel Aviv will scout for investments in startups in such areas as digital transformation.

“In the past two years, company representatives have begun to examine whether they should expand their activity in Israel and focus more on technological cooperation, including investments in Israeli companies,” the ministry said.

Over the past four years, the Ministry of Economy and Industry said, more than 70 Japanese companies have opened representative offices in Israel. Over that period, Japanese companies have invested more than $5 billion in Israel.

Last year, Renault-Nissan-Mitsubishi (not related to Mitsubishi Corp.) set up a $1billion venture capital fund, which has an Israel office.

Published by Globes, Israel business news - en.globes.co.il - on May 27, 2019

© Copyright of Globes Publisher Itonut (1983) Ltd. 2019

Mitsubishi management Photo: Reuters Toru Hanai
Mitsubishi management Photo: Reuters Toru Hanai
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