Major Korean company signs R&D agreement with Israel

October 17, 2010 21:29

Korean steel giant POSCO (Pohang Iron and Steel Company) agreed to participate in a joint Israei-Korean industrial R&D program on Sunday.

Chief scientist at the Industry, Trade and Labor Ministry Dr. Eli Opper on Sunday signed a R&D cooperation agreement with POSCO CEO Chang Jeon-Yong that will facilitate the company's investment in R&D projects in Israel.

POSCO is the first Korean as well as first East Asian company to participate in a joint R&D agreement under the auspices of the Industrial Cooperation Authority of the Industry, Trade and Labor Ministry. Eighteen other international corporations already participate ICA administered R&D programs, including Abbott Laboratories, Intel, Oracle, IBM, General Electric, Microsoft, Deutsche Telecom, Merck, HP, and others.

POSCO, the world's second largest steel producer by market value was founded in 1968 as part of a joint government-private sector initiative by the South Korean government to help build a domestic steel industry in Korea to fulfill the supply finished steel to country's developing shipping and automotive industries. The company reported $33 billion in global sales in the last fiscal year.

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