The Ministry of Science and Technology of the Republic of lndia and the Ministry of Economic Affairs of the Netherlands (hereinafter referred to as the 'Signatories'); Noting that there has been active co-operation and information exchange in a number of scientific and technological areas between the Government of the Netherlands and the Government of the Republic of lndia; Recognizing the common priority of fostering economic development of both countries  through science, technology, and innovation also involving scientific and technological cooperation in research and development activities undertaken by business entities and research institutions; Considering that both governments support cooperation between knowledge institutes, small and large companies and consumers; Desiring to further strengthen co-operation in promising areas in the fields of science, technology and innovation on the basis of mutual benefit;