NEW DELHI: The Union Cabinet today approved a Memorandum of Understanding (MoU) between India and Israel on the India-Israel Industrial R&D and Technological Innovation Fund (I4F).
According to the MoU, which was signed last month during Prime Minister Narendra Modi’s visit to the Jewish state, the countries will make a contribution of four million USD each for the fund annually for five years.
The 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,” a government statement said.
Such projects, it said, will lead to affordable technological innovations in focus areas of mutual interest such as water, agriculture, energy and digital technologies. (AGENCIES)
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