The Government of the Republic of Korea and the Government of the State of Israel (hereinafter referred to as the "Contracting Parties"), DESIRING to intensify economic cooperation to the mutual benefit of both countries, INTENDING to create favorable conditions for greater investments by investors of one Contracting Party in the territory of the other Contracting Party, and RECOGNIZING that the promotion and reciprocal protection of investments on the basis of the present Agreement will be conducive to the stimulation of individual business initiative and will increase prosperity in both States, HAVE AGREED as follows: