Exploring new realms of cooperation between India and Israel, Prime Minister Narendra Modi signed 7 MoUs with his counterpart Benjamin Netanyahu on second day of his historic 3-day visit from July 4-6 to the “Startup Nation” to elevate the relation between the two nations into a strategic partnership.
Marking the 25th anniversary of establishment of diplomatic relations between the two countries, Prime Minister Narendra Modi sealed 7 mega MoUs during this historic first-ever visit by an Indian PM to Israel. The 7 memorandums are as follows:
- MoU for setting up of India-Israel Industrial R&D and Technological Innovation Fund (I4F)
- MoU for Water Conservation in India
- MoU on State Water Utility Reform in India
- India-Israel Development Corporation – a 3 year program (2018-20) in agriculture
- Plan of cooperation in Atomic Clocks
- MoU regarding cooperation in GEO-LEO Optical Link
- MoU regarding cooperation in Electric Propulsion for Small Satellites
For the first time in 70 years an Indian PM has got an opportunity to visit Israel. This is a matter of joy: PM @narendramodi
— PMO India (@PMOIndia) July 5, 2017
Under the I4F MoU, the two nations have established a joint $40 million Industrial R&D and Innovation Fund by the Department of Science and Technology (India) and the National Authority for Technological Innovation (Israel). With a contribution of $20 million each from the two authorities, the MoU aims to develop innovative technologies and products to enable Indian and Israeli enterprises.
Through the joint undertaking, budding enterprises will be able to build knowledge for commercial application of industrial technologies and boost business.
PM Netanyahu to @PMOIndia Modi:
We have accomplished great things and we have many many more opportunities to seize together in the future. pic.twitter.com/Ax1KaPPtWj— PM of Israel (@IsraeliPM) July 4, 2017
The I4F fund is based on the model of Israel-US Binational Industrial Research and Development Fund established in 1997. The binational fund has ever since invested in 1,000 projects and its products have generated $10 billion direct/indirect revenue for the two nations.
As per the figures presented by Israel’s Economy Ministry, trade between India-Israel has grown from about $200 million to nearly $4.2 billion in 2016, ever since the establishment of the diplomatic ties in 1992. The I4F partnership is expected to take these numbers to a new high.
