The UK’s main engineering institution has signed a Memorandum of Understanding with Israel’s principal engineering and technology organisation to work together on high-tech projects.

The Institution of Engineering and Technology (IET), based in London, shook hands with Israel Advanced Technology Industries (IATI) on Tuesday, as 17 Israeli high-tech firms spoke to British investors in the capital at Innovate Israel.

The tie-up is part of a bigger pattern in increasing bilateral relations: the IET is one of the world’s largest engineering institutions, while the IATI works in Israel’s exciting high-tech, life science and other advanced technology industries.

The two organisations will now work together through shared knowledge, academic exchanges and by hosting joint conferences, as the move was welcomed by diplomats.

“I am delighted that the IATI has signed a new partnership with the IET,” said Israeli Ambassador Mark Regev. “The further strengthening of our economic relations enhances prosperity and creates good jobs in both Israel and the UK.”

IET chief executive Nigel Fine said there was “a huge amount of exciting innovation and insight coming from the Israeli technology industry,” adding: “This MoU is a great way for us to strengthen our relationship with IATI and collaborate on some exciting projects that advance engineering and technology standards, knowledge and innovation.”

IATI chief executive Karin Mayer Rubinstein said it would “help both sides locate mutual opportunities for new innovative tech training and education projects,” adding that an Israeli priority was “the promotion of STEM education (science, technology, engineering and mathematics) on a national level”.

Hugo Bieber, Chief Executive of UK Israel Business said: “In the last two years we have seen 57 Israeli companies create 1,700 jobs in the UK, investing £266 million in the British economy and events like Innovate Israel demonstrate to Israeli high-tech companies how important the UK can be for them”.