India-Israel to set up R&D fund, to be operational in a year

NEW DELHI: India and Israel have agreed to set up a joint fund to be operational in a year with the objective to promote research and development in the various sector.

"We agreed on moving forward with a joint R&D fund which essentially will joint Indo-Israeli fund for R&D where Israeli company will partner with Indian company and then apply for funding and then 50 per cent of the cost of R&D project," Minister of Economy of Israel Naftali Bennett said here.

"Within a year we will have this fund up and running with significant amount," he said.

A joint group has been formed to monitor the progress of the fund, he said.

Elaborating on his visit, Bennett said the role of this visit to accelerate the relationship between India and Israel.

"I am huge believer that diplomacy should be economic diplomacy we should do business together, we should help each other and through that we can grow our relationship," he said.

On sharing technology on clean energy, he said, an agreement is being negotiated with Ministry of New and Renewable Energy for promoting this.

"Israel is technology country. We don't have many resources. We don't have water, we don't have oil. The only thing we have is technology. More than 50 per cent of our expert is technology and to that end we view India as the ideal partner is technology," he said.