Tel Aviv, Feb 26 (IANS) Prime Minister Narendra Modi and Israel’s Prime Minister Benjamin Netanyahu on Thursday emphasised the importance of unlocking the full potential of bilateral trade and investment between India and Israel, according to the joint statement issued after the successful conclusion of the summit.

The Prime Ministers affirmed their commitment to integrating India’s and Israel’s advancements in AI, cybersecurity, semiconductors, quantum computing, biotechnology, agriculture and water management, defence platforms, and space exploration.

This partnership strengthens India’s vision of an ‘Atmanirbhar and Viksit Bharat 2047’, aims to spark the next wave of technological transformation and shared progress of both countries, the joint statement said.

The leaders acknowledged that Indian and Israeli capabilities complement each other perfectly – Israel is a global powerhouse of technology and innovation, India serves as a hub of talent, manufacturing excellence and entrepreneurial energy.

They welcomed the signing of the India-Israel Bilateral Investment Agreement by the two Finance Ministers in New Delhi in September 2025, which is expected to enhance investor confidence, promote greater two-way investments, and ensure transparency, predictability, and protection through a clear framework of treatment of investment and an independent dispute resolution mechanism.

Both leaders asserted their commitment to the realisation of the FTA Agreement between the two countries and tasked the negotiating teams to expedite the negotiations for an early signing of an FTA.

The two leaders welcomed the strategic partnership in the financial-cyber domain. This collaboration will focus on enhancing the resilience of the financial ecosystem through the exchange of financial-cyber intelligence, joint development of methodologies, and the performance of multilateral financial-cyber simulations operationalised through Financial Computer Security Incident Response Teams of both countries.

Prime Minister Netanyahu appreciated India’s fintech revolution, exemplified by the Unified Payments Interface (UPI), which is a world-class model for affordable, real-time cross-border transactions. Both sides agreed to explore linking UPI with Israel’s fast payment system to enhance interoperability and strengthen economic ties.

The leaders noted that direct air connectivity is a basic building block that is essential for scaling the bilateral relationship to new heights.

They expressed their desire to expand direct air connectivity between Tel Aviv and major Indian cities and encouraged both Indian and Israeli airlines to take up the opportunity to start direct flight operations between the two countries.

The leaders welcomed the launch of the India–Israel Financial Dialogue to boost closer financial cooperation. Both leaders encouraged more Indian participation in the infrastructure sector of Israel, particularly in light of major upcoming projects in Israel in the sectors of metro, rail, road, airports, desalination plants, and wastewater treatment plants.

The Prime Ministers reviewed the functioning of the India-Israel Industrial R&D and Innovation Fund (I4F), jointly implemented by the Department of Science and Technology of India and the Israel Innovation Authority.

They agreed to further strengthen the operational implementation of the I4F mechanism, including enhanced outreach to industry and facilitation of high-quality joint R&D partnerships, in order to fully realise the Fund’s potential and expand impactful cooperation between Indian and Israeli enterprises.

Acknowledging the success of the India-Israel Joint Research Calls (IIJRC), implemented by the Department of Science and Technology (DST), India, and the Ministry of Innovation, Science and Technology (MOST), Israel, the Prime Ministers agreed to increase the contribution of both sides-from the current USD 1 million to USD 1.5 million each.

The Prime Ministers recognised the importance of creating institutional support to advance joint innovation activities between the two countries.

In this context, they agreed to explore the development of Tech Gateway mechanisms to facilitate collaborative R&D initiatives, technology validation processes, pilot projects and joint development activities between Indian and Israeli innovation ecosystems.

The Prime Ministers recognised the strategic importance of Artificial Intelligence as a key driver of innovation and agreed to deepen cooperation in AI talent and expertise.

They welcomed efforts to develop enabling frameworks that strengthen linkages between AI professionals, research institutions and innovative enterprises, including by facilitating professional collaboration and participation in leading innovation activities in both countries.

Recognising the advances made by Israel and India in artificial intelligence, both leaders welcomed the signing of the MoU on Cooperation in Artificial Intelligence (AI) and agreed to deepen collaboration in this frontier technology for the welfare of their peoples.

The Prime Ministers welcomed the ongoing collaboration between the Israel Space Agency (ISA) and the Indian Space Research Organisation (ISRO).

They emphasised the importance of fostering greater cooperation between the two nations’ space industries, encouraging joint ventures, innovation partnerships, and knowledge exchange to drive progress in the global space sector.

Recognising the critical role of water and agriculture in sustainable development, Prime Minister Modi and Prime Minister Netanyahu affirmed the importance of efforts to strengthen the partnership in water and agriculture.

The partnership focuses on key areas of water conservation, wastewater treatment and its reuse for agriculture, desalination, water utility reforms, and the cleaning of the Ganges and other rivers using advanced water technologies, the joint statement added.

–IANS

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