Gov. Sarah Huckabee Sanders on Aug. 6 signed a Memorandum of Understanding (MOU) aiming to strengthen economic and cultural ties between the State of Arkansas and the State of Israel’s National Technological Innovation Authority.
The agreement states that there is a “longstanding friendship and shared values” between Arkansas and the State of Israel, and that there is a mutual interest in technological innovation, expanding economic opportunities, and fostering research and development (R&D).
The MOU states that one of its main objectives is to foster collaboration in sectors of mutual interest, such as aerospace and defense, agriculture technology, energy innovation and manufacturing.
The MOU also aims to facilitate and promote collaborations in R&D, as well as support the commercialization of technology through joint ventures, pilot R&D projects and knowledge sharing.
The agreement states that this will be accomplished through a few areas of cooperation, including the following:
- Exchanges and visits by delegations and businesses between both entities, with assistance to visiting sides sponsored by the other
- Collaboration between the business communities of the sides in areas such as trade and investment relations
- Informing one another of trade exhibitions and investment seminars happening and provide assistance upon request
- Exchanging relevant economic information on goods and services
- Cooperation projects in R&D
Both sides may also facilitate, support, encourage or stimulate cooperation through the organization of meetings or other activities.
According to the MOU, both sides can share information to achieve the objectives and scope of the MOU, but neither can transmit proprietary information to a third person, organization or country unless required by law or with the written approval of the other side.
In order to implement the terms of the MOU, Arkansas and Israel will designate liaison offices or officials. Implementation could also include the organization of delegations, technical workshops, joint research initiatives and investment forums.
The MOU, which is valid for 10 years, is non-binding and does not create legal or financial obligations under domestic or international law. Either side can terminate the agreement by sending a written notification to the other side, and it can also be modified by a mutual written agreement.
“The Sides reaffirm their commitment to strengthening technological ties and fostering a partnership based on R&D, shared opportunity and mutual respect,” the MOU states.
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