India, Palestine sign deal to set up Techno Park in Ramallah

India, Palestine sign deal to set up Techno Park in Ramallah

India has announced a grant of $12 million for setting up the Technopark.

The Dollar Business Bureau

An agreement has been signed between India and Palestine for the establishment of a ‘Palestine-India Techno Park’ in Ramallah for which the Indian government will release a grant of $12 million, according to the External Affairs Ministry.

The agreement is the result of the diplomatic dialogue carried out by President Pranab Mukherjee during his visit to the country last year in October. While the project will entail India to provide an amount of $3 million on a quarterly basis for two years, the park will be set up on the land given by the Palestinian side.

The establishment of the park will be significant as it will serve as an IT hub offering state-of-the-art technology, hosting IT companies and foreign companies that provide value to local businesses, universities and other institutions. 

The agreement has been put into place considering India’s willingness to help the Palestinian cause as the upcoming IT centre will help in generating jobs, business and other opportunities to serve the younger population of the nation.

The Dollar Business Bureau - Nov 01, 2016 12:00 IST