India and Russia on Friday signed a joint declaration to build an innovation ecosystem between the two countries.

The declaration was inked by the Science and Technology (S&T) Department of India and the Ministry of Economic Development of the Russian Federation on the margins of a Global R&D summit 2017 here.

"As India and Russia are natural partners of innovation, the declaration will take the relations between the people of the two countries to new heights," said Science and Technology Secretary Ashutosh Sharma on the occasion.

The declaration envisages the two countries to promote innovation and technology entrepreneurship through cooperation and direct contacts between Russian and Indian clusters and business associations, techno-parks, business-incubators, high-tech firms, start-up enterprises, educational and research institutions.

"We need to extend the collaborations in developing innovation capabilities for various sectors in the spirit of India-Russia partnerships," said Russian Deputy Minister of Economic Development Fomichev Oleg Vladislavovich in a statement.

The two countries also agreed to implement joint projects in innovation and exchange information and best practices in the innovation space.

The National Science and Technology Entrepreneurship Development Board of the S&T Department will implement the declaration from the Indian side.

The two-day summit since Thursday was organised by the S&T Department and the Federation of Indian Chamber of Commerce and Industry (Ficci).