The leadership committee of the European research and development project "Eureka" confirmed on Wednesday that Israel has been selected to lead the project from 2010-2011, the Ministry of Industry, Trade and Labor said. Eureka is the world's largest industrial R&D project, with the participation of 36 European countries. Its goal is to initiate new joint R&D projects among participating countries. According to Eureka officials, the project is responsible for hundreds of new initiatives a year, worth over EU1.5 billion. Israel, which was accepted as full member in 2000, contributes more than 10% of the total number of new projects developed each year. This is the first time that Israel has been chosen to lead the project.