Korea, Israel Work Together to Foster Creative Economy

The Ministry of Trade, Industry and Energy hosted the “Korea-Israel Innovation Forum for Creative Economy” on July 2 in Seoul. The forum served as an opportunity to introduce how Israel advanced its creative economy model through the commercialization of technology and to invigorate technology transfer between the two nations. 

In the presence of around 200 representatives from technology companies and research institutes, Yeda Research and Development, a technology transfer company established by Israel’s renowned Weizmann Institute of Science, showcased its best practices. Korea’s startup investors and venture capitalists also presented investment strategies and models for technology transfer. 

As part of the event, a technology transfer forum was held to share information on technology transfer and explore opportunities for joint R&D projects between the two nations. 

Israel, one of the world leaders in technology commercialization, ranks first in R&D investment as a share of gross domestic product and has a higher share of scientists and technicians in its work force than any other nation. 

Professor Mordechai Sheves, Vice President for Technology Transfer of the Weizmann Institute of Science, emphasized in his speech the importance of cooperation between academia, industry and government. He singled out three key factors that he believed contributed to Israel’s success: a system to share incentives with researchers; a support program at the government level; and a comprehensive cooperation network for venture capitalists and entrepreneurs. 

Deputy Minister for Industrial Creativity and Innovation Jeong Marnki expressed his hope that “Korea and Israel can strengthen their innovation network through the forum” and promised “the Ministry will make consistent efforts to study Israel’s success stories in order to develop Korea’s own creative economy model in a way that reflects its culture and business environment.” 

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