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India and Israel strengthen relationship through trade and security deals
Prime Minister Narendra Modi invited the Israeli industry to participate in “Startup India” initiative saying his government has done a lot to improve the ease of doing business and is positioning the Country as a global manufacturing hub. We have resolved the number of regulatory and policy issues facing businesses and companies.We have worked very sincerely for ease of doing business, “PM Mr. Modi said at the launch of India -Israel CEO’s Forum in Tel Aviv. Memorandums of Understanding worth over U.S $5 billion were signed during the Indian Prime Minister’s visit.
Mr. Modi, who is the first Indian Prime Minister to visit Israel, further said his government was Positioning India as a global manufacturing hub with a view to take advantage of the young Population. He also talked about country’s flagship programme “Make in India”.
Observing that Israel is known as “startup nation” he said it has a unique sense and ecosystem for innovation and incubation. Credit must go the Israeli entrepreneurs. There is a lot of potential For India-Israel partnership in startupindia. I am happy that India –Israel startup bridge has been Formally launched. Mr Modi, along with Israeli Prime Minister Benjamin Netanyahu, also established an Innovation bridge between startups and innovators of Israel and India for a better world. The India-Israel startup bridge was launched to encourage startups of the two nations to work together and come up with innovative solutions to tackle challenges in the agriculture, water and healthcare sectors.
Speaking at the event, Mr Netanyahu said together the two countries have tremendous potential. Potential not only in markets but in creating new possibilities, new opportunities. We just saw this In crop protection or in water , the cleaning of water, or in energy, or in any field, in any field” Said the Israeli Prime Minister. He added that the Israeli side in the forum comprises people who run some of the most important companies, and they do so with gret talent and with great skill. You have brought similar people from India. We are making a partnership here, a real one, to excel in innovation for both our peoples and for the entire world.
India – Israel CEO Forum which met for the first time during the Indian Prime Minister’s visit, Set a target to increase the bilateral trade from the current U.S $4.13 billion to U.S $20 billion within Five years.The forum also set up six joint committees covering start – ups, pharma and life sciences, homeland security, agriculture, energy and water management.
Since the establishment of diplomatic relations between India and Israel, the bilateral trade between Both the countries has increased significantly from U.S $200 million in 1992-93 to U.S $6,034 million in 2012-13. Since then, it has however stagnated around U.S $4-4.5 billion with bilateral trade (excluding defence) for 2015 being U.S $4.14 billion. During the early years, the trade between two countries comprised primarily of diamonds but it has diversified in recent years to include sectors such as pharmaceuticals, agriculture, IT etc. Major imports by India from Israel also include diamonds and metals, chemicals (mainly potash) and machinery and transport equipment. It is estimated that almost 75% of bilateral trade in services flow from India to Israel.