NEW DELHI (PTI):  India and Israel have established a sub working group (SWG) on defence industrial cooperation, the Defence Ministry said on Friday.

"The main objective of the SWG will be transfer of technology, co-development and co-production, artificial intelligence, innovation and joint export to friendly foreign countries," the ministry said in a statement.

The formation of the SWG was announced at a webinar, which was held on Thursday, it said.

"Defence secretaries and other senior MoD (Ministry of Defence) officials from both the countries participated in the webinar and spoke about enhancing the defence cooperation between both the nations," the statement said.

A MoU (memorandum of understanding) was also signed between Kalyani Group and Rafael Advanced Defence Systems during the webinar, the ministry said.

This webinar was the first in the series of webinars which will be organised with friendly foreign countries in order to boost defence exports and achieve the defence export target of USD 5 billion in the next five years, it said.