India and Russia today signed a joint declaration to stimulate cooperation in the field of promoting innovation ecosystem between the two countries. The declaration was signed between the Department of Science and Technology and Ministry of Economic Development of the Russian Federation on the sidelines of the Global R&D Summit 2017 here. The Federation of Indian Chamber of Commerce and Industry (FICCI) which organised the Summit along with the Department of Science and Technology stated this in a release here. Stating that India and Russia are natural partners on innovation, Secretary, Department of Science and Technology, Ashutosh Sharma said, “with increased people to people contact we will take the relations to new heights through this joint declaration.”

As per the declaration,the two countries will strive to deepen cooperation to promote innovation and technology entrepreneurship through promotion of development of long-term cooperation, co-innovation and direct contacts between Russian and Indian Innovation clusters and also business associations, techno-parks, business-incubators, high-tech companies, start-up enterprises, educational and research institutions.

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Fomichev Oleg Vladislavovich, State Secretary-Deputy Minister of Economic Development of the Russian Federation, particularly stressed on the need to extend the collaborations in developing innovation capabilities for various sectors.

FICCI said the National Science and Technology Entrepreneurship Development Board of Department of Science and Technology, Government of India, will be responsible for implementation of the joint declaration from the Indian side. The two sides also agreed to implement joint projects in the field of innovation and exchange of information,as well as best practices in the innovation space, it added.