PM Narendra Modi, along with his Israeli counterpart Benjamin Netanyahu launched an India-Israel Innovation Bridge designed to link start-up companies and innovators of the two countries.
The innovation bridge is aimed at benefiting Israeli companies and India in areas like agricultural technology, water technology and digital healthcare.
While India has 157.35 million hectares of agricultural land, there are over 500 Israeli agricultural technology companies.
Similarly, while India is the largest user of ground water, Israel is the largest investor in water technology.
There will be over 600 million people seeking affordable healthcare by 2018.
Israel, with over 385 companies in the digital health sector, can provide a solution.
On Wednesday, the two countries upgraded their bilateral relationship to strategic partnership and signed two agreements on water management and one on agriculture among others.
PM Modi arrived in Israel on Tuesday in the first ever Indian Prime Ministerial visit to Israel.
Earlier on Thursday, Modi and Netanyahu paid homage at the Haifa Indian Cemetery that contains the graves of 44 Indian soldiers who died during World War I and then viewed a demonstration of a mobile sea water desalination plant at Dor beach.
Meanwhile, a new fast-growing Israeli flower was named after Prime Minister Narendra Modi, in a special gesture to mark the first visit of an Indian premier to the Jewish nation.