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  Business   Economy  07 Jul 2017  India, Israel launch Rs 260-crore innovation fund

India, Israel launch Rs 260-crore innovation fund

REUTERS
Published : Jul 7, 2017, 10:53 am IST
Updated : Jul 7, 2017, 10:53 am IST

Each country will allocate Rs 26 crore a year over a five-year period for fund’s activities.

PM Narendra Modi with Israeli PM Benjamin Netanyahu at Olga Beach in Haifa. (Photo: PTI)
 PM Narendra Modi with Israeli PM Benjamin Netanyahu at Olga Beach in Haifa. (Photo: PTI)

Jerusalem: 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.

Tags: modi in israel, narendra modi, israel visit, india israel relations, netanyahu, technology innovation fund
Location: Israel, Jerusalem, Jerusalem