GOVERNOR CRIST NEARS ECONOMIC DEVELOPMENT AGREEMENT WITH ISRAELI LEADERS

May 31, 2007

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VIVIAN MYRTETUS
(850) 488-5394

TEL AVIV – Governor Charlie Crist today announced positive steps toward the completion of a Memorandum of Understanding between the State of Florida and the government of the State of Israel on bilateral cooperation in private sector industrial research and development.

“Florida and Israel have a long, proud history tied together by friendship, culture, education and business relations,” said Governor Crist. “Florida is open for business, and I am deeply committed to further developing and strengthening the technological, industrial, economic and commercial cooperation between both states.”

The agreement provides up to $20 million over five years to incentivize Florida and Israeli companies to collaborate on research and development products with the goal of bringing those products to market. Florida, through its Innovation Fund will contribute $2 million per year, with the State of Israel contributing an equal amount. Governor Crist and Israeli Minister of Industry, Trade, and Labor, Eliyahu Yishai, will appoint members to a joint advisory board that will oversee a grant and application process for Florida and Israeli businesses.

A signing of the agreement is expected in October along with a visit to Florida from Israeli government representatives.

The announcement came as part of a week-long trade mission to Israel led by Governor Crist that included a team of state and federal elected representatives and key business leaders. Governor Crist and the delegation met with Israeli government officials and business leaders including Prime Minister Ehud Olmert, Deputy Prime Minister Shimon Peres, Foreign Minister Tzipi Livni, Opposition Leader Benyamin Netanyahu and Minister of Industry, Trade and Labor Eli Yishai.