Israel and Brazil have signed an agreement to invest $5 million in technology cooperation and innovation over the next five years.

Axar.az reports Israel media.

Israel has been reaching out to Latin American countries, with Prime Minister Benjamin Netanyahu visiting twice in less than a year. His wife, Sara, left Sunday for Guatemala at the invitation of Patricia Morales, the wife of the president. She is leading a Foreign Ministry delegation.

The memorandum of understanding between the Israeli government’s tech investment arm, the Israel Innovation Authority, and the Brazilian Agency for Industrial Research and Innovation was announced Monday.

“This agreement is an important first step in the path of technological cooperation, and we anticipate an increase in joint technology collaboration between Israel and Brazil in the coming years,” said Aharon Aharon, CEO of the Israeli Innovation Authority.

The program will support large-scale collaboration projects involving technology, the life sciences, energy and agriculture for up to 24 months, the Ctech news website reported.

“Investment in innovation and the allocation of resources for technological development are key to sustained economic growth, increased productivity and creating significant economic value,” Eli Cohen, Israel’s minister of economy and industry said.

The agreement will be deployed through a joint venture company to be funded by both parties aiming at improving the technological capabilities of companies, promoting activities in the industrial sector and facilitating specific projects.

Israeli companies will be entitled to 12 months of support and may renew funding for a second year after reviewing project results.