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India, Israel To Launch Innovation Fund For Startups

 
India and Israel Thursday have launched a $40 million joint innovation fund to connect start-ups and innovators of the two countries, reports media on Thursday.

Prime Minister said that a new chapter has been opened in bilateral ties as deals worth USD 5 billion were signed at the first CEOs Forum of Indian and Israeli companies in Tel Aviv.

"A new chapter has been opened in India-Israel relations. The driving force is opportunities for betterment of lives of people," Prime Minister Narendra Modi said while addressing the chief executives of India and Israel.

The CEOs Forum set a target of increasing bilateral trade from the current USD 5 billion to USD 20 billion within five years. The Forum also set up six joint committees covering the start-up, pharma and life sciences, homeland security, agriculture, energy and water sectors.

Modi informed Israel's corporate leaders about India having resolved many regulatory and policy issues that were being faced by businesses and companies. "GST is by far the biggest business and economic reform of India. Now, we're moving towards a modern tax regime, which is transparent, stable and predictable," he said. He lauded Israel's reputation as a "start-up nation".

In a tweet, StartupIndia had said, “India Israel Innovation Bridge, Opening the doors of opportunity for #startups,innovators & visionaries. #StartupIndia #IndiaIsraelStartup”

Home to 6000 start-ups and growing at a rate of 1300 per year, Israel has emerged as a start-up hub. Significantly, India and Israel have signed a MoU for $40 million joint Indo-Israel Industrial R&D and Technological Innovation Fund. At the same time, 6 more agreements were inked between the two countries in key areas such as agriculture, science and technology, space and water management.

Israeli PM Benjamin Netanyahu and Indian Prime Minister Narendra Modi addressed a Joint Press Conference, speaking about the intensity and friendship of the two countries, which is intended to be carried forward in years to come.