Israel’s Minister of Industry, Trade and Labor Binyamin Ben-Eliezer and New York Governor David Paterson signed a memorandum governing an industrial R&D cooperation agreement between Israel and New York State.

The agreement, which is the first of its kind ever made by New York State, sets up a financing mechanism for joint R&D projects between Israeli and New York companies, thereby establishing an incentive for partnerships.

Objectives of the agreement include the strengthening of knowledge and technology ties between Israel and New York State, the broadening of bilateral commercial relations, and help for ventures to obtain financing.