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Israel, South Korea sign security agreement to foster business cooperation

May 12, 2023 at 5:59 pm

Illustration file picture shows a man typing on a computer keyboard [REUTERS/Kacper Pempel]

The Israeli High-Tech Association, this week, signed a Memorandum of Understanding with a Korean cyber-security industry group during a visit to Israel by a Korean delegation, according to The Times of Israel. 

The officials discussed ways to enhance and develop tracks of joint cyber-security and information cooperation during a meeting led by Dongbeom Lee, Chairman of the Korea Information Security Industry Association with Marian Cohen, Chairman of the Israel Hi-Tech Association and its CEO, Maya Schwartz.

Under the agreement, the two sides will implement strategic partnership through mutual visits, seminars and business meetings between companies in both countries amidst the increasing global threat of cyber-attacks.

“Korea and Israel are similar in many areas,” said Lee. “It is easy for us to work with Israeli companies and believe in extensive cooperation.”

“You have access to the American market we want to enter, and we have access to Asian markets and we can be good partners for Israeli companies looking to penetrate these markets,” he added.

The new deal comes after a free-trade agreement between South Korea and Israel to boost bilateral trade and investment signed last year. Bilateral trade between Israel and South Korea increased 35 per cent in 2021 to about $3.5 billion.

The Korean delegation consisted of members from Korean cyber-security companies, including LG Electronics, Coontec, Secui, Darktracer and eNsecure, who met with Israeli cyber-security firms, including Claroty, Integrity, Waterfall Security Solutions, Embedded Solutions 3000 and Cyber 2.0.

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