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Cabinet approves MoU on "India-Israel Industrial R&D and Technological Innovation Fund"

Delhi 

approves MoU on "India-Industrial R&D and Technological Innovation Fund"

The Union chaired by Prime Minister Shri Narendra Modi approved a Memorandum of Understanding (MoU) between and on "India-Industrial R&D and Technological Innovation Fund (I4F)". The MoU was concluded in July, 2017

and will make an contribution of four million US Dollars each for the Fund, both equivalent amount, annually for five years. The Innovation Fund will be governed by a joint Board which will consist of four members from each country.

The MoU envisages promotion of bilateral Industrial R&D and Innovation cooperation in the fields of science and technology by extending support to joint projects for innovative or technology-driven new or improved products, services or processes. Such projects will lead to affordable technological innovations in focus areas of mutual interest such as water, agriculture, energy and digital technologies. Institutional support in building up consortia including private industry, enterprises and R&D institutions from and will be enabled through these collaborative projects.

The activities supported by the Joint Fund would increase the techno-economic collaboration between the two countries by investing in jointly developed technology projects and collaborations based on technological innovation. It would leverage the complementary strengths of and to encourage Israel-Indian joint projects that capitalize on both the national and global marketplace. It would provide a comprehensive set of support tools to encourage joint projects that convert "know-how" into "show-how". It is expected that this will foster and strengthen the eco-system of innovation and techno-entrepreneurship in and will contribute directly to the Start-up programme.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 30 2017. 00:20 IST