The governments in Brazil and the UK have signed a new memorandum for bilateral cooperation which will include finance for further technological innovations from both countries.
The agreement was signed this month by Mark Price – British Trade and Investment Minister and Marcos Pereira – Brazilian Industry, Trade and Services Minister.
The agreement will see both countries working together on large projects such as the Smart Grid, Internet of Things, Smart Cities, Clean Energy and Big Data.
Innovate UK the new innovation agency setup in the UK and their Brazilian counterpart will launch a tender process to select projects to work together on. In total £90m of funding will be provided by each government via a new fund called the Netwon Fund which will manage the project.
Lord Price said of the deal, “For a number of activities that involve scientific research, how to plan smart cities, and develop clean energy, international collaboration is crucial. With partnerships among the best researchers from Brazil and the United Kingdom, we will be better prepared to face the challenges of the world and improve lives of millions of people.”