"India and Israel should consider investing in equitable proportion to the tune of $ 1 billion investment for implementing certain selected missions based on the mutual core competence," Kalam, the keynote speaker at Israel Annual Conference on Aerospace Sciences here, told an august audience while laying out his 'World Space Vision 2050'.
Pointing towards the large number of satellites in the geosynchronous orbit leading to a "clutter", Kalam, a renowned rocket scientist, emphasised on the need of immediate steps to enhance cooperation between the space-faring nations.
As a first step towards achieving these goals, Kalam suggested that the Indian and Israel aerospace agencies should consider establishing a world knowledge platform to enable joint design, development, cost effective production and marketing of the aerospace systems and products.
Seeking the creation of a 'World Space Council' to carry out tasks like large-scale societal missions and low-cost access to space, Kalam asked space-capable countries to pool their resources and technical capabilities to tap the potential for the common benefit of the mankind.
"Aerospace science and technology has been cradle for a number of innovations. It has brought a culture of a number of disciplines working together to achieve state-of-the-art systems. It has connected people from remotest parts of the world," Kalam, regarded as the architect of India's guided missile programmes, said.
However, Kalam also cautioned that the dreams of aerospace research have created a mindset of "competitiveness and possessiveness" that has led to the underutilisation of its potential.
Emphasising on cooperation at the global level, he said that "standing alone has caused certain feelings of insecurity and suspicion".
"The goal should be utilisation of space technology to improve the quality of life. The concept should be space for six billion people. More the stakeholders, the safer the system is," he emphasised.
In order to make space technology a thing for the common good of the mankind, he suggested the creation of a "World Space Council" which could oversee the planning and implementation of exploration, space, security and societal missions.
"Such a unified approach will enable the world to see a quantum jump in the progress in space science and technology for the benefit of all the nations of the world," the former Indian President said.
Kalam stressed that the three major goals of the "World Space Council" should be carrying out large-scale societal missions and low cost access to space, achieving comprehensive space security and space exploration and current application missions.
A spokesman of the organisers of the conference told PTI "Kalam has been invited as the keynote speaker at the conference in view of the reputation he commands in aerospace sciences and for his contribution in strengthening Indo-Israel cooperation".
Kalam also addressed the students and the faculty at Tel Aviv University in a science and technology workshop on "Nation Empowerment and Space".