Israel will allocate 100 million new shekels (29 million United States dollars) to promote advanced manufacturing technologies, the Ministry of Economy and Industry said Sunday.
According to the ministry, factories that move to advanced production will be able to cope with competition and strengthen their ability to survive the current changes in Israeli industry caused by the coronavirus pandemic.
The amount will be allocated by the ministry’s Authority for Investments and Development of the Industry and Economy in two fast tracks to support digitization and automation.
This is part of the transition to Industry 4.0, or the Fourth Industrial Revolution, which focuses on the use of technology to improve manufacturing processes, allowing factories to be more efficient and save time and money.
This development connects the physical, digital and human spaces, and transforms conventional design and production processes into smart ones.