Greece, Israel sign R&D pact

Israeli Minister-without-Portfolio Tzahi Hanegbi and Greek Development Minister Dimitris Sioufas signed an agreement for the countries to cooperate in industrial research and development, the Industry, Trade and Labor Ministry said Wednesday.

Israeli Minister-without-Portfolio Tzahi Hanegbi and Greek Development Minister Dimitris Sioufas signed an agreement for the countries to cooperate in industrial research and development, the Industry, Trade and Labor Ministry said Wednesday. The agreement "has wide ramifications for all areas of trade between the countries, beyond R&D itself," the ministry noted, adding that cooperation will enable Israeli companies to reach "many markets in the region." Commercial relations with Greece have been developing steadily in recent years - boosted in part by the 2004 Athens Olympics - bringing the volume of trade to $450 million in 2005, of which $200m. was in Israeli exports.