Seoul, Apr 12 (IANS): South Korea and Israel agreed on Tuesday to invest $5.3 million in the joint development of robot technologies in an effort to boost technological cooperation, Seoul's Industry Ministry said.

The two countries announced the joint investment program for the development of robotics technology, named the Lighthouse Program, during a launch ceremony in Tel Aviv, Yonhap news agency reported.

The program set sail as South Korea and Israel agreed to increase their annual contribution to a joint technology development fund to $4 million from $2 million under a revised pact on bilateral cooperation in industrial technologies.

The Ministry said both nations will seek to expand their cooperation to such strategic industrial areas as driverless vehicles and hydrogen technologies.

"The Lighthouse Program will serve as a guiding light for new industrial technologies of both countries and accelerate their innovations," the Ministry added.