Mumbai: Research and Development operations between India and Israel are set to get a push with both countries readying to set up a dedicated R&D fund.
The new fund, unlike existing ones, will also finance non-R&D projects and has been primarily formed to promote joint agriculture, water and energy initiatives between both the nations, Israel Minister of Industry, Trade and Labour Benjamin Fuad Ben-Eliezer told a news agency here.
"The fund will allow India to tap Israeli expertise in the fields of agriculture, water and energy. At the same time, Israel will get the chance to develop and apply its technologies in the Indian market," he said.
With a view to enhance the bilateral trade, Israel has declared India as a key market and plans to set up its third economic office here, the minister said. "We are opening up a new economic office this year with existing two economic offices in New Delhi and Mumbai. These offices assist the numerous Israeli companies that wish to operate in the Indian market," Ben-Eliezer said.
Trade between the both countries rose from USD 200 million
in 2001 to USD 1.4 billion in 2008 except diamond trade.
Stressing on the need for enhanced cooperation between the
two nations, the minister said the full potential for trade
between India and Israel are yet to be realised.
PTI
