📜 About KORIL-RDF The Agreement on bilateral cooperation in private sector industrial research and development between Korea and Israel was signed on November 25, 1998. The Ministry of Trade, Industry & Energy(MOTIE) of Korea and the Israel Innovation Authority (IIA), Ministry of Economy and Industry of Israel are the Cooperating Authorities responsible for implementing this Agreement. In accordance with the Agreement, Korea-Israel Industrial R&D Foundation was incorporated in May 2001 by the governments of Korea and Israel. KORIL-RDF is charged with management of the joint R&D fund consisting of equal financial contributions by both governments totaling USD 4 million per year. 🔗 Purpose of KORIL-RDF KORIL-RDF supports industrial R&D projects that lead to potential commercialization and contribute to the economic progress of the two countries; furthermore, to promote and encourage joint industrial R&D collaborations between firms in Korea and Israel. Partnerships between Israeli & Korean companies whose joint projects are approved by KORIL-RDF are awarded grants covering up to 50% of the eligible R&D costs to a maximum of USD 1 million. The grants are subject to re-payment, up to but not exceeding the total amount disbursed, when commercial revenues result from products developed in these projects.