The Technology Strategy Board (TSB) and the Indian government’s Department of Science and Technology have agreed to undertake a joint program to support innovative U.K. and Indian businesses working together on the commercialization of research in a range of key areas, including energy and healthcare. The ‘Program of Co-operation’ was signed at an international reception held at the InnovateUK conference in London.

The agreement is the first international partnership the Technology Strategy Board has signed outside of Europe. The TSB and the Indian Global Innovation and Technology Alliance (GITA), sponsored by the Indian government, will support U.K. and Indian businesses and academics in joint R&D and innovation projects over three years. The TSB will commit up to approximately $7.5 million to the program.

“These programs not only help build and strengthen links between countries, but will help build the international partnerships between businesses so vital in today’s global economy,” said Iain Gray, CEO of the TSB.

The program is expected to expand further over time, for the mutual benefit of businesses from both countries. India’s rapidly growing economy provides opportunities for innovative U.K. businesses. By working with similar Indian businesses, U.K. companies can understand the needs of the market. The TSB will help them build partnerships and support joint, collaborative R&D and innovation projects.

The TSB is the U.K.’s innovation agency. Its goal is to accelerate economic growth by stimulating and supporting business-led innovation. Sponsored by the Department for Business, Innovation and Skills, it brings together business, research and the public sector, supporting and accelerating the development of innovative products and services to meet market needs, tackle major societal challenges and help build the future economy.