Mitsubishi Said To Open Innovation Center In Tel Aviv

Japanese multinational Mitsubishi Corporation has opened an innovation center in Israel, CTech by Calcalist reported on Monday.

The Tel Aviv-based center, already in operation, has begun to search for Israeli technologies, companies, and startups in the mobility and automotive field, according to the report.

Mitsubishi’s presence in Israel has mainly focused on trade until now, but the conglomerate has made an effort to search for companies to collaborate with through the Israel Ministry of Economy and Industry.

The group has a strategic alliance with Renault-Nissan, which also has a center in Tel Aviv.

Mitsubishi Corporation, Japan’s largest trading company, operates in business sections that include metals, fuel, automotive, and oil.

Japanese companies have been involved in a number of deals with Israeli companies in the past few years. Japanese drugmaker Mitsubishi Tanabe Pharma Corporation acquired Israeli pharmaceutical firm NeuroDerm for over $1 billion. Japan’s Softbank has invested in a number of Israeli startups including cybersecurity firms Cybereason and Zimperium.

In January 2019, a statement from the Israel Ministry of Economy and Industry said that the number of Japanese companies opening centers in Israel had risen to more than 70.