Britain and Israel will cooperate in research and development

The Minister of Economy and Industry, Eli Cohen, signed an agreement today in Jerusalem to strengthen cooperation in research and development between the Ministry of Economy and Industry and the British Ministry of Science, Research and Innovation.
The agreement will provide support for joint research and development projects between companies and / or entities from both countries, and will provide a framework for financial support for these projects. The agreement will promote meetings between bodies from both countries to examine the potential for cooperation between the parties or any other activity that may contribute to this effort.
There is great potential for cooperation between the two countries: Britain is a large market with a magnificent industry, an impressive financial sector and a world trade center. Israel is known for its innovative and groundbreaking technology. Among the areas that interest the parties to increase their cooperation are: artificial intelligence and information, aging population, cyber, life sciences, and more.
Minister of Economy and Industry Eli Cohen: "The UK is one of Israel's largest trading partners, and our technological cooperation with the UK is an important strategic asset for the State of Israel and for our technological ecosystem. With British companies "
Britain is Israel's largest trading partner in Europe and the third in the world. Total Israeli exports to the UK in 2017 were $ 5.16 billion, an increase of 32% since 2016. Approximately 73% of Israel's exports to the UK are from various chemical industries and related industries (including pharmaceuticals), approximately 6% And 5.7% machinery and electrical equipment.
Israeli exports to Britain in the first quarter of 2018 indicate an increase in the export of several products compared to the first quarter of 2017. Exports of plastic and rubber products and products rose by 41% compared to the first quarter in 2017. An additional increase of about 36% was recorded in exports of pearls, stones and precious metals and items thereof. In addition, a 22% increase in the export of optical and medical instruments and a smaller increase of about 14% was recorded in exports of textile products.
Total imports from the UK in 2017 amounted to about $ 4.3 billion. About 46.5% of the Israeli imports from the UK come from mineral products, 15% are machinery and electrical equipment, 8% are chemical products, 7.5% are vehicles, pilot and sailing, and 7% are food, beverages and tobacco products and a small percentage of medical and optical products.