MIT to invest in Valparaiso tech projects

US university Massachusetts Institute of Technology (MIT) is planning investments and research projects in Chilean port city Valparaiso after signing an agreement with local government authorities earlier this month, local newspaper La Tercera reported. Under the agreement signed with Valparaiso and Region V authorities on December 3, MIT will sponsor technological research initiatives related to agriculture, biotechnology, logistics and information technology. Local government authorities are assembling specific proposals that will be submitted to the university in June 2004. MIT will review these projects and choose which ones to support through a tender format. The local authorities see the agreement as just a first step toward a larger relationship with MIT. The newspaper made note of the MIT's US$100mn commitment to the Asian city-state of Singapore. An executive at the Japanese International Cooperation Agency (JICA) told BNamericas that the MIT agreement is not related to the JICA's own efforts to set up a nonprofit communications center in Valparaiso. JICA is currently reviewing a joint investment proposal made by Chilean central and local government authorities, she said.