Prime Minister Narendra Modi and his Israeli counterpart Benjamin Netanyahu on Monday launched the maiden call for joint Research and Development projects under the 'India-Israel Industrial R&D and Technological Innovation Fund (I4F)'.
The two leaders' call came during India-Israel Business Summit in New Delhi. The two Premiers also launched a website and unveiled a brochure.
The "India-Israel Industrial R&D and Technological Innovation Fund (I4F)" was announced in July 2017 during Modi's visit to Tel Aviv and Jerusalem – the first by an Indian Prime Minister to the West Asian nation.
The Department of Science and Technology of the Government of India and the National Innovation Authority of Israel established a $40 million fund. India and Israel would make an annual contribution of $4 million each to the fund for five years.
Through this flagship bilateral programme in the field of science, technology and innovation, Indian and Israeli governments would extend support to research and development projects.
"This Fund will provide a comprehensive set of support tools to encourage joint projects that convert know-how into show-how," the Ministry of External Affairs stated.
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