Mumbai: Israel yesterday (Dec 6, 2004) called for broadening the base of economic cooperation with India even as the two countries decided to sign a research and development agreement and set up a $ 10 million bilateral R&D fund.

"There is a good basis for partnership with India and lot of scope for cooperation between the two countries in fields such as IT, biotech and homeland security," Israeli Vice Prime Minister Ehud Olmert told reporters in Mumbai.

Israeli investors are aware about India emerging as a superpower in new technologies in IT, he said and added that there is a lot of scope for cooperation on this front.

To a query about cooperation in Defence Sector, the Israeli Vice Premier said that the cooperation with India is broad based and not limited.

He said that if India purchased its Defence requirement from Israel that did not mean both countries had Military relations.

Olmert, who is leading an Israeli business delegation, is scheduled to visit the campuses of Infosys and Wipro in Bangalore before visiting New Delhi.