In 1993, during the visit to India of then Israeli Foreign Minister Shimon Peres, India and Israel signed an agreement on science and technology, which allowed for direct scientific cooperation between both governments. Specific areas of cooperation included information technology, biotechnology, lasers, and electro-optics. Additionally, a joint committee to monitor collaboration between the two nations was established and set to meet biennially. In 1994, a $3 million joint science and technology fund was set up to facilitate R&D collaboration between both countries.