EUREKA is a pan-European agency, investing €1.5 billion annually in start ups and emerging industries. Israel is considered one of the 5 most active partners of the project. For example, in 2008, it was associated with 40 of the 300 approved projects.

So, it comes as no surprise that this weekend, Israel was officially awarded the Presidency of EUREKA , succeeding Germany. In fact, of the 150 new initiatives, Israel will be concerned with 23  of them. Not bad, considering that Israel has only been a member since the year 2000.

Robert-Jan Smits, the deputy director-general of EUREKA, was quoted as seeing the Israeli leadership as a positive move for all. As reported in the Hebrew newspaper, Yediot,: –

Israel is a very good example of taking r&d seriously. Many European countries can learn from the way Israel’s government is involved in investing in industry. Israel has an educated workforce, excellent innovation and incubators…..

It will be interesting to see in what direction Israel will lead EUREKA. There has already been much talk of allowing in other countries, notably from Latin America. Israel’s minister for trade and industry, Fuad Ben Eliezer has also made it clear that he wants to bring Egypt into this exclusive club.