On his latest visit to Israel, Prime Minister Narendra Modi has concreted the relationship with Israel. Both the countries have launched a technology fund named the Israel-India Innovation Initiative Fund or I4F, which is aimed at growing the countries’ business relationship, and signed seven accords boosting cooperation in areas ranging from space research to water and agriculture.
The two nations agreed to put USD 4 million a year for five years into the Israel India Innovation Initiative Fund, or I4F said the statement issued after Modi’s talks with his Israeli counterpart, Benjamin Netanyahu.
According to figures from Israel’s Economy Ministry, the Trade between the countries has grown from about $200 million in 1992, when they established diplomatic ties, to nearly $4.2 billion last year. Apart from that, Israeli exports to India have fallen in recent years.
“This is a great day,” Israeli Prime Minister Benjamin Netanyahu said during a working lunch in Jerusalem, according to comments relayed by his office. “I have a feeling that today India and Israel are changing our world.” Prime Minister Narendra Modi, who is currently on a three-day visit to Israel, has been working on building India’s military and technology power to a whole new level as he aims to move his entire country into the digital age.
Prime Minister Narendra Modi has arrived with a business delegation including about 100 entrepreneurs. Among the delegates will be 15 senior executives of Indian companies such as Wipro, Reliance, Adani, Tata, Jain, Infosys and Mahindra who will take part in the founding of a joint forum for CEOs from both countries.
The seven major MoU signed between India and Israel are:
• Setting up of India-Israel Industrial R&D & Technological Innovation Fund
• Water Conservation in India
• State Water Utility Reform in India
• 3 Year Work Programme in Agriculture 2018-2020
• Cooperation in Atomic Clocks
• Cooperation in GEO-LEO Optical Link
• Cooperation in Electric Propulsion for Small Satellites
Besides getting Israeli technology firms to invest in India, the fund aims to spur Indian firms to open development centers in the Jewish state and invest in their technology ecosystem. Modi and Netanyahu “underlined the need to boost bilateral cooperation in innovation and entrepreneurship and called for greater collaboration in the field of start-ups,” it said. Read other Business news.