Jerusalem, Jul 7 (IANS): The state-run Israel Aerospace Industries (IAI) and US security and aerospace giantLockheed Martin have signed an agreement for collaboration in integrated air and missile defence (IAMD) systems.

Under this collaboration, the companies will explore potential joint opportunities in areas such as R&D, production, marketing and other activities, Xinhua news agency quoted the IAI as saying in a statement on Tuesday.

Both companies will establish an executive steering committee and working groups for the implementation of the agreement and cooperation.

"Our long-standing relationship with Israel and its defence industries opens new opportunities for us, aimed to expand our businesses around the world," said Tim Cahill, Lockheed Martin's senior vice president.

"Combining the development capabilities and the vast know-how of Lockheed Martin and IAI experience accumulated over the years in IAMD systems will create win-win opportunities for both sides," said Boaz Levy, IAI's president and CEO.