Mr. Narendra Modi becomes the first Indian Prime Minister to visit Israel, after the end of three day visit in Israel, both the countries expressed interest in building a broad economic base, rather than merely a contractual exchange based around defence.
A total of seven Agreements were signed in sectors ranging from agriculture to water conservation and space as they sought to deepen ties beyond high-priced defence deals.
The two leaders presented a series of Agreements between India and Israel for cooperation on satellite technology, water and agriculture, as well as the creation of a $40 million innovation fund.
The Agreements are part of efforts to extend relations in civilian areas between both countries, with Israel already selling India an average of $1 billion per year in military equipment.
India is the world’s biggest importer of defence equipment and Israel has become one of its major suppliers, both the countries have committed to extending that relationship with a special emphasis on PM Modi’s “Make In India” campaign that asks foreign vendors to ensure the transfer of technology to Indian partners with the goal of reducing India’s dependence on foreign arms.
In April 2017, State-owned Israel Aerospace Industries (IAI) said India would buy nearly $2 billion worth of weapons technology, making it the military exporting giant’s largest ever defence contract.
The deal will see IAI provide India with an advanced defence system of medium-range surface-to-air missiles, launchers and communications technology.
Israeli equity crowd funding group OurCrowd just closed three deals with India, joining with Reliance Industries for a hi-tech incubator that helps to grow young companies in Jerusalem, bringing Israeli technology to India with Reliance Capital and collaborating with India’s Lets Venture to invest in start-ups.
The Indian Lawyer