As Part of Historic Visit by Indian Prime Minister Narendra Modi in Israel, Agreement to Establish “Israel-India Innovation Initiative Fund” Was Signed this Week. Goal Is to Promote Cooperation Between Countries by Jointly Supporting Technological Projects and Diverse Cooperative Initiatives Based on Technological Innovation.
As part of the historic visit of Indian Prime Minister Narendra Modi to Israel, an agreement was signed on July 4th establishing the “Israel-India Innovation Initiative Fund.” The fund, which will be run by the Israel Innovation Authority and the parallel executive agency under the auspices of the Indian Ministry of Science and Technology, will be a platform for diverse technological cooperation between the two countries, leveraging the technological strengths of both nations. Each country will allocate $4 million per year over a five-year period for the fund’s activities, for a combined total of $40 million.
In addition to the agreement, Israeli Prime Minister Benjamin Netanyahu and Prime Minister Modi toured an Israel Innovation Expo on cleantech, medicine, water and agriculture. The expo, organized by the Israel Innovation Authority and the Israel Ministry of Foreign Affairs, showcased leading Israeli innovation of interest to India.
Among the companies exhibiting at the expo: Lumos, a company whose technology enables an accessible, reliable electricity supply to populations with no access or limited access to the national grid via a domestic solar system tailored for homes or small businesses, with simple payment through a phone bill. In the biotech sphere, Brainsway presented its unique medical device for non-invasive treatment of common complications in brain functioning through deep brain magnetic stimulation. In agriculture, Biofeed presented its affordable and efficient alternative to crop spraying, enabling environmentally-friendly agriculture healthy for both farmer and consumer. The company developed a hanging device with ingredients intended to attract and exterminate pests without touching the crops or using poisonous sprays.
CEO of the Israel Innovation Authority Aharon Aharon said: “The visit of the Indian Prime Minister enabled him to get an up close look at the range of innovative and creative technological developments Israel offers. I am certain that the agreement to establish the joint fund will greatly contribute to increased R&D and economic cooperation between the two countries, attract Indian investment to Israel, promote a variety of joint initiatives and bolster both countries’ technological output. One can assume that within a decade, India will become Asia’s economic gem, and strengthening economic ties between the two countries is vital.”
Avi Luvton, Director of the Asia-Pacific desk at the Israel Innovation Authority said: “India aspires to innovation and economic growth side by side with the desire to allow extensive parts of their population to enjoy development and progress. This agreement with Israel is an important step in achieving cooperation on innovation, a goal jointly held by both countries.”
Foreign Media Advisor to the Ministry of Economy