The University of Waterloo and Israel’s Technion Institute of Technology are teaming up to work on breakthroughs in research and commercializing products.

The institutions said Tuesday they will work together on quantum information science, nanotechnology and water for pure and applied research.

“These disciplines will help to shape the future of communities, industries, and everyday life,” Waterloo president and vice-chancellor Feridun Hamdullahpur said in a statement.

“The agreement between the University of Waterloo and Technion will lead to joint research projects between Israeli and Canadian scientists in areas crucial for making our world a better place,” said Peretz Lavie, president of Technion. “I could not think of a better partner for such projects than the University of Waterloo.”

The partnership will connect students and faculty from both institutions with global markets through technology transfer and commercialization opportunities with industrial partners in Canada and in Israel, the parties said in a statement.

A joint research conference in Israel to mark the signing featured presentations by some of the world’s top researchers, including Raymond Laflamme, executive director of Waterloo’s Institute for Quantum Computing. Laflamme is trying to develop the world’s first universal quantum computer.

The conference also featured the work of nanotechnology expert Carolyn Ren whose knowledge of Lab-on-a-Chip Technology has the potential to revolutionize medical diagnosis and treatment by making chemical and biomedical diagnosis faster, easier and less expensive, the statement said.

The new research partnership will increase international opportunities for undergraduate, graduate and post-doctoral student research exchanges, along with joint training and education programs, including dual and joint degree programs. The institutions will also collaborate on applied research projects, workshops, seminars and conferences.

Both universities and a foundation created by Canadian entrepreneurs Gerald Schwartz — head of Onex Corp. — and his wife Heather Reisman — who head Chapters/Indigo — will provide seed funding for these collaborative efforts.