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The technology innovation agreement will see both countries supporting projects from core technology sectors including Big Data, Internet of Things, and smart grid technology.
This new memorandum for bilateral cooperation includes the financing of technology innovation projects from both countries.
The agreement was signed by Mark Price the British trade and investment minister, and the Brazilian industry, trade and services minister, Marcos Pereira.
Under the partnership, Innovate UK, the UK's innovation agency, and the Brazilian counterpart will soon launch a tendering process to select projects focused on technology-based development projects in areas such as Internet of Things, Big Data, smart grid technology, multimodal transport technologies, and traffic control, as well as smart cities and sustainable urban environments, clean energy, control and use of water and blue-green infrastructure.
HuntRevenue Director Ian Hunter said " This is an excellent initiative for the UK, Brazil. HuntRevenue, we have been supporting corporate technology initiatives and international cooperation between the two countries for several years now and see this as a huge opportunity for corporates and organisations of all sizes. The HuntRevenue Team both in the UK and Brazil look forward to helping to facilitate this initiative”
The Brazilian and British companies selected under the project will be financed by Newton Fund, which promotes the economic development and welfare in partnering countries through science and innovation partnerships. The £45m ($187m) contribution from the UK will be matched by the Brazilian Development Bank (BNDES) and the Brazilian Company of Industrial Innovation (EMBRAPII).
"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," said Lord Price.
Another effort around fostering innovation and intellectual property between the UK and Brazil was last year's creation of a UK chapter for InovAtiva Brasil, an initiative aimed at helping Brazilian start-ups to achieve internationalization by establishing themselves in the UK and generating inward investments in both countries.