Former CNN host Larry King and the Haifa-based Technion Institute are establishing the Israel Silicon Valley Chambers of Commerce to promote Israeli high tech and encourage multinational companies to open R&D centers in Israel.

King will help finance the project with a $600,000 investment.

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The new chambers of commerce will be launched next month in Tel Aviv and at Stanford University in Palo Alto, California.

“Israeli is the world’s number 2 in high tech, especially for R&D, just behind Silicon Valley,” said Niv Jacobi, who manages much of King’s businesses and will chair the new organizations. “The important linkup of the two has never had a serious organization, and I assume that this is an extraordinary opportunity to lead a far-reaching and long-term effort that will greatly help in bringing foreign capital to Israel, foster and direct start-ups, and strengthen the overall ties with Silicon Valley.”

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