Boeing and Israel have signed a reciprocal purchase agreement that calls for the Chicago-based contractor to invest in Israel-based companies contingent on defense contract awards, The Jerusalem Post reported Wednesday.
The report noted Boeing agreed to work with local companies for at least 35 percent of the value of all contracts exceeding $1M with the Israeli government.
“Our years-long partnership with Israel essentially commenced with the establishment of the state,” said Leanne Caret, CEO of Boeing defense, space and security business.
“This agreement ensures that the relationship and partnership will continue to grow and prosper in the coming decades,” she added.
The report said Boeing is competing for Israel’s potential 10-year, $10B defense contract that includes the procurement of aerial refueling tankers, fighter aircraft and transport helicopters.