India and Israel initiating Five-years technology fund.
Israels PM calls India and Israel sister democracies yesterday in a joint press conference of both the PM’s, but today PM Benjamin Netanyahu explains the relation of both the countries and growing understanding amid the both nations as a “match made in heaven.”
According to the reports, Netanyahu says “This is a marriage made in heaven, but we are implementing it here on earth,” the statement drew wholehearted giggles from Prime Minister Modi and a round of applause from the viewers of media personalities and civil servants.
Prime Minister Modi explained that “Our talks focused on not just areas of bilateral opportunities but also how our cooperation can help the cause of global peace and stability”.
The visit of the Prime Minister Modi’s visit was the Launch of the seven Memorandums of Understanding (MOUs), Netanyahu believed. He added that “We are making history together with my friend Prime Minister Modi and this is a deeply moving moment for me”.
The seven memorandum of understanding contract flank by India and Israel is joint Technology Invention Fund worth $40 million for research in industrial development. Both the countries also made certain to work together to improve water utility and the agricultural region in India.
Prime Minister Modi explained “We agreed that efficiency of water and resource use; water conservation and its purification; productivity grows in agriculture are main areas in deepening our bilateral cooperation.”
Both the prime ministers were speaking to a combined press conference after holding debates on a wide-ranging list of options, of problems formerly in the day. India and Israel penned seven contracts in main areas like space technology, water conservation and agriculture etc.
Together Israel and India initiated a five-year technology fund intended at increasing the countries’ business relationship, the way the same fund has increased the Jewish state’s bonds with the U.S. for the last 40 years.
Both the Israel India Innovation Initiative Fund and I4F, was declare on Wednesday all through an extraordinary visit to Israel by Indian Prime Minister Narendra Modi, who is searching for the army and other technologies as his government pursues to obtain cutting-edge weaponries knowledge and move the country in a hostile way into the digital age. Israel, who is focusing on export economy depend on greatly on technology, is keen to enter more intensely into India’s marketplace of 1.3 billion residents.
Israel Innovation Authority’s senior director for Asia Pacific, Avi Luvton explains every government would retain $4 million a year for five years into the fund mutually. The aim is to reassure Indians to capitalize in Israel’s technology ecosystem and shoot great Indian companies to build growth hubs here.
He adds that “The fund is important; It creates a tool through which connections are made. ” A new report by Accenture and Nasscom says cross-border funds between both Israel and India could create as much as $25 billion in sales by 2025. The analyst and business owners are quite hopeful for the joint agreement.