New Delhi: “Modi and Netanyahu share an excellent relationship. Trade between India and Israel has doubled in the past two years, marking the direction they will take together,” said Nir Barkat, Israel’s Minister of Economy and Industry, at the India-Israel Business Forum held in New Delhi Tuesday.
He also noted that the I2U2 group between India, Israel, UAE and the US is a “smart idea” and that it “has a lot to offer”. “UAE and Israel are small but well-positioned while the US and Indian economies are large. They are all very complementary with each other,” Barkat said.
Speaking at the event, Naor Gilon, Israel’s ambassador to India, too, emphasised on the significance of the relationship between the two countries.
“Relations between India and Israel were elevated to a strategic partnership after Prime Minister Narendra Modi’s visit to Israel in 2017. This strategic partnership is not only by name but by action,” he said. “Our trade ties in the past three decades have increased by 40 times, from $200 million to more than $8 billion today.”
Barkat — accompanied by a large business delegation — is in India till Thursday. The purpose of his four-day visit is to strengthen bilateral ties in mutually-beneficial spheres such as automotive technologies, fintech and cleantech, among others. After Barkat, another Israeli business delegation will visit India next month, this time led by the country’s Minister of Foreign Affairs Eli Cohen.
Organised by the Confederation of Indian Industry (CII), the India-Israel Business Forum showcased 15 Israeli start-ups working in a range of sectors — from cleantech, renewable energy and automotive to spacetech, medical devices and more.
“We share the same values, like democracy, human rights, and also the same challenges like security and economy. Strong people to people relations, love, respect and brotherhood are key to doing business together,” Barkat said.
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‘Need to develop education’
While discussing the different technologies Israel can contribute to India, the minister of economy and industry highlighted the country’s development of nano-satellites; “desert tech” — technology used to improve quality of life in deserts — to manage, create and save water; agrotech and more.
“Israel has a strong DNA of entrepreneurship, (it is) the leading per capita entrepreneurial country in the world. We need to find the best way for India and Israel’s entrepreneurs to work together, for our small economy to leverage the size and scope of India’s huge economy”, Barkat said, while noting that the two countries “do not compete but rather collaborate”.
He also focused on the need for more employment in the tech sector and the need to develop education rather than simply focusing on global high-tech challenges.
“An important issue is how to swiftly transition people from old jobs and industries into new jobs with innovative, challenging ideas. We need to bring our entrepreneurial experiences into education to help with this critical shift. Israel can help India with this transition”.
On expanding talks on FTA
He also briefly mentioned the possibility of talks on a Free Trade Agreement (FTA) between India and Israel.
“We are deep friends, Israel and India, because we trust that we will always be together in the future. Between governments, I will propose to our ministers to expand talks on an FTA to focus on business development to share knowledge and experience with each other”.
India and Israel were negotiating an FTA. The first round of discussions was held on 26 May, 2010, in New Delhi. Eight Rounds have been held since, with the last round in Israel, from 24 to 26 November, 2013.
(Edited by Zinnia Ray Chaudhuri)
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