The Israeli Cabinet approved an investment plan aimed at strengthening trade ties with Japan across a spectrum of sectors, including space- and cyber-related research and development projects.
The plan calls for financial investment over three years to foster bilateral trade ties, expand joint research grants and increase cooperation in space, cyber and information security.
The Israeli government statement noted that the Japanese economy is the world's third largest, with a 2013 gross domestic product of about $4.7 trillion. It further noted that Israeli exports to Japan — about US$720 million in 2013 — have stagnated in recent years and constitute just 0.1% of Japan's total imports.
Last May the Japanese Prime Minister, Shinzo Abe, and Israeli Prime Minister, Benjamin Netanyahu, agreed to increase defense co-operation by building "a new comprehensive partnership". In a joint statement released after the top-level meeting, the two leaders welcomed the launch of the high-level consultations between Japan's National Security Secretariat and Israel's National Security Council and confirmed that they will hold their next meeting in Israel.
Last July Japanese Minister of Economy, Trade and Industry and Israel’s Minister of Economy Naftali Bennett signed a collaboration agreement for reciprocal support in joint industrial R&D projects between Israeli and Japanese companies and organizations. The agreement will be implemented by the Office of the Chief Scientist (OCS) in the Israeli Ministry of Economy.
