By PTI

NEW DELHI: India and the European Union have renewed their agreement to expand scientific and technological cooperation aimed at strengthening their collaboration in this area in the next five years.

Last week, the two sides agreed to renew the agreement on scientific cooperation till 2025 at the 15th India-EU Summit, which was led by Prime Minister Narendra Modi from the Indian side.

The European Union delegation was headed by European Council President Charles Michel and President of the European Commission Ursula von der Leyen.

The agreement was initially signed on November 23, 2001, and renewed in 2007 and 2015.

In the last five years, the level of co-investment on India-EU Research Technology Development projects has been stepped up for addressing societal challenges such as affordable healthcare, water, energy, food, and nutrition, according to an official statement issued on Saturday.

The cooperation has been focused on water, green transport, e-mobility, clean energy, circular economy, bio-economy, health, and ICT.

Additional areas such as climate change, sustainable urban development, manufacturing, advanced materials, nanotechnologies and biotechnology, food processing, and ocean research may also be considered in future endeavors, the statement said.

The EU and India are at the forefront of human development and innovation.

For India, addressing the basic needs of its people, including through frugal innovation, and excelling in high-tech markets are twin objectives.

Both areas offer mutually beneficial opportunities for EU-India cooperation, it said.

Increased exchanges between students, researchers, and professionals would benefit both sides.

India and the EU share a mutual interest in reciprocal mobility of talent, it said.

“The EU-India cooperation should also foster innovation by promoting networking between EU and Indian innovators, start-ups, incubators, and accelerators by setting up joint platforms, both offline and virtual, and engaging in coaching, training and staff exchanges.”

“Highly qualified workers could be integrated into Indian and EU-led innovation system industries and help maintain technology-based leadership and sharing of best practices, internationalization of SMEs, and contributing in the global value chain,” the statement added.