Israel and Mexico sealed an industrial research and development (R&D) agreement over the weekend, putting the two nations in position to further advance their bilateral ties on a variety of joint projects.

The agreement, which was signed by Israeli Ambassador to Mexico Rodica Radian Gordon, will see the Office of the Chief Scientist at the Israeli Ministry of Economy (OCS,) and its Mexican counterpart, the National Council of Science and Technology, arrange funding for Israeli and Mexican companies engaging in joint R&D projects.

"We are delighted with Mexico’s vote of confidence in Israel’s economy, industry, and innovation, which have long been global brands," said the head of OCS, Avi Hasson.

"Cooperation agreements such as the one signed with Mexico, contribute to the Israeli market by creating new jobs, advancing research and development, technological enterprise, and more," Hasson added.

Primary among the fields of cooperation will be water management, desert agriculture, pharma and medical devices, electronics, and communication, although all types of technological cooperation are covered by the framework of the agreement.

The agreement with Mexico comes after Israel in July became the first country with which Japan signed an Industrial R&D Collaboration Agreement, amid part of a growing push to solidify Japanese ties.

On the heels of the new agreement, a call will be issued early next year to companies in Israel and Mexico to present joint proposals for funding on R&D projects.

"Mexico is one of the world's largest manufacturers in a variety of fields, comprising an essential part of the country's economy," said Rona Kotler Ben Aroya, Trade Attaché to Mexico from the Israeli Ministry of Economy. "Many of its products are intended for the North American market."

"In an effort to preserve its global competitiveness, the Mexican government has set a goal of advancing research and development...the signing of the industrial R&D agreement between Israel and Mexico will help Israeli companies integrate products and advanced technologies with local manufacturers and realize the potential of this market," said Aroya.

"The new agreement with Mexico will also pave the way for Israel to advance similar agreements and ties with other Latin American countries including Brazil, Chile, and Colombia," he added.