Gov't to allocate NIS 280m for Israel-India cooperation

Indian Prime Minister Modi Photo: Reuters

The new fund will increase exports to India, boost cooperation in water, agriculture and higher education, and encourage investments and tourism in Israel.

The government is set to approve today Prime Minister Benjamin Netanyahu's NIS 280 million proposal for strengthening relations between Israel and India ahead of the visit to Israel by Indian Prime Minister Narendra Modi on the 25th anniversary of the renewal of diplomatic relations between the two countries.

The proposal was put together by a ministerial team from most of government ministries and other public bodies. It emphasizes an increase in Israeli exports to India, boosting cooperation in water and agriculture, encouraging investments and tourism in Israel, and generate cooperation in higher education and culture.

The Prime Minister's Office related the following elements of the proposal:

Establishing a joint NIS 140 million Israeli-Indian fund for encouraging Israeli and Indian companies on the basis of innovation and R&D.

Launching a range of assistance tools for Israeli companies exporting to India, with a large budget allocation.

Measures for substantially increasing the number of Indian tourists in Israel within four years, among other things through a movie filmed by the Indian cinema industry (Bollywood) in Israel.

Devising a joint Israeli-Indian government project for water and agriculture, with cooperation from the World Bank and other financial agencies.

Expanding academic cooperation and cooperation between space and cyber agencies.

Netanyahu said, "Relations between Israel and India have become closer than ever before in recent years. The Indian economy is one of the world's largest and fastest-growing economies. We have similar challenges in many areas. The Indian prime minister's visit to Israel constitutes another significant step in joint efforts and strengthening strategic cooperation between the two countries."

Published by Globes [online], Israel Business News - www.globes-online.com - on June 25, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

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Indian Prime Minister Modi Photo: Reuters
Indian Prime Minister Modi Photo: Reuters
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