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India, Israel launch innovation fund during Modi visit

TEL AVIV: India and Israel have established a $40 million joint innovation initiative fund to increase economic cooperation and boost research and development within both countries.

The agreement was signed during Indian Prime Minister Narendra Modi’s historic visit to Israel. The three-day trip, which ended Thursday, was meant to help deepen commercial ties. It was the first time a sitting Indian prime minister came to Israel.

Each country will allocate $4 million per year over a five-year period for the fund’s activities, Israel’s Ministry of Economy said in a statement. It will be run by the Israel Innovation Authority and the Indian Ministry of Science and Technology.

Modi and Israeli Prime Minister Benjamin Netanyahu are looking to increase bilateral trade and share technological know-how, particularly in the fields of water management and agriculture.

READ MORE: Israel, India look past defence to broaden commercial ties

During the visit, the following Agreements were signed:

i MoU between the Department of Science & Technology, India and National Technological Innovation Authority, Israel for setting up of India-Israel Industrial R&D and Technological Innovation Fund (I4F).

ii MoU between the Ministry of Drinking Water and Sanitation of the Republic of India and the Ministry of National Infrastructure, Energy and Water Resources of the State of Israel on National Campaign for Water Conservation in India

iii MoU between U.P. Jal Nigam, Government of Uttar Pradesh, of the Republic of India and the Ministry of National Infrastructure, Energy and Water Resources of the State of Israel on State Water Utility Reform in India

iv India-Israel Development Cooperation – Three Year Work Program in Agriculture 2018-2020

v Plan of Cooperation Between the Indian Space Research Organisation (ISRO) and the Israel Space Agency (ISA) regarding cooperation in Atomic Clocks

vi MoU between the Indian Space Research Organisation (ISRO) and the Israel Space Agency (ISA)regarding cooperation in GEO-LEO Optical Link

vii MoU between the Indian Space Research Organisation (ISRO) and the Israel Space Agency (ISA) regarding cooperation in Electric Propulsion for Small Satellites

Prime Minister Modi thanked the people and Government of Israel for their gracious hospitality and extended a warm invitation to Prime Minister Netanyahu to visit India at a mutually convenient time. Netanyahu accepted the invitation. – Agencies

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