Israel is one of the most resilient and technologically-advanced market economies in the world. Its skilled workforce and concentration of venture capital allow the country to lead in innovative industries such as high-tech, cleantech, and the life sciences.
Over the years, Israel has experienced a high average rate of growth. Given its small consumer market domestically, Israel has strategically turned beyond its borders to sell its products and offer its technologies. This year, Israel was unanimously voted to join the Organization for Economic Cooperation and Development, signifying its status as one of the world 34 most developed economies.
Israel and India signed nine agreements on 15.01.2018 during the state visit to India of The Israeli leader Prime Minister Netanyahu in the areas of energy production, cyber cooperation, space and aviation, direct mutual investment and cinema production, ushering in a dawn of a new era, in bilateral relations between the two countries.
Both Indian Prime Minister Modi and Israel PM Netanyahu were present during various memorandums of understanding were signed:
1. An agreement on cybersecurity cooperation and the development of training and proficiency programs in the field; cooperation in the oil and gas sector that will strengthen joint work in exploration, production and research and development, as well as advancing academic ties and promoting related startups
2. A protocol on amendments to a 1994 air transport agreement that will adjust the cost of flights and strengthen bilateral cooperation in developing air links
3. An agreement between the Indian Institute of Space Science and Technology (IIST) and the Technion Israel Institute of Technology for space cooperation
4. An agreement on film co-production granting joint government support funds for Israeli-Indian productions, according to a statement by the Government Press Office
5. An agreement on maritime transport that will encourage greater business between the shipping organizations of India and Israel, according to a joint statement;
The leaders also welcomed the completion of all formalities for the launch of the India-Israel Industrial R&D and Technological Innovation Fund (I4F), launched when Modi visited Israel in July, the first Indian head of government to do so since diplomatic relations were established in 1992. The project is a $40 million fund initiative to foster tech innovation and R&D in industrial development and build strategic partnerships between Israeli and Indian innovators in areas like water conservation, using wastewater for agriculture, and desalination.
They also announced work on a five-year Joint Work Plan for strategic cooperation in agriculture and water.
One of the things that Israel brings to this world of innovation is that we achieve more with less. More crops with less water, more energy with less expenditure of money. More with less. We want more, a lot more and we can do that even more productively by cooperating, Netanyahu said, adding that Israel was fountainhead of innovation and a global force of technology.
India, he said, bounds with creativity, with ingenuity, with scientists, with mathematicians and I think that when we join our respective talents together we can achieve tremendous things for our people.
Netanyahu hadÂ six-day state visit to India January 2018, leading a trade delegation of some 130 businesspeople and representatives of defense companies to the subcontinent. The trip is aimed at deepening political, cultural and business ties with India, and hopefully salvage a $500 million missile deal canceled by the Indian Defense Ministry last month with Israeli defense tech company Rafael Advanced Systems.