VIDEO: Israeli Exports To India Have Increased By 60 Percent Over The Past Decade

(VIDEO IN EXTENDED ARTICLE)

According to the Ministry of Economy & Industry, since the establishment of diplomatic relations between India and Israel in 1992, trade between the countries has grown from $200 million in 1992 to $4.13 billion in 2016 (including diamonds). In 2015, Israeli exports experienced a 21% increase, reaching $1.29 Billion. In 2016, there was a slight dip (13%), with Israeli exports totaling $1.15 billion (excluding diamonds).

Indian Prime Minister Narendra Modi arrived in Israel on July 4th for an official visit. This is the first visit by an Indian prime minister to Israel and coincides with the 25th anniversary of the establishment of diplomatic relations between the countries.

As part of their schedules, the prime ministers of India and Israel are expected to attend the opening of a ‘CEO Forum,’ a forum for CEOs from both countries, that will include CEOs of Indian mega-corporations.

In addition, the Indian Prime Minister will get an up-close look at groundbreaking Israeli innovation throughout Israel – including innovative solutions in water and agriculture, led by the Israel Innovation Authority. He will also sign a new agreement to promote R&D cooperation between Israeli and Indian companies.

Israeli Minister of Economy and Industry Eli Cohen: “India is a key export market for Israel. Tightening Relations with India and this historic visit of the Indian Prime Minister will lead, beyond increasing security exports, to growth in trade in goods and services. The Indian economy is becoming a prime destination for Israeli exports, with its 1.3 billion consumers, led by 300 million citizens in the middle and upper-middle class, with purchasing power equal to the middle class of Western economies. The Israeli Ministry of Economy and Industry – through its Foreign Trade Administration and array of three trade missions in India – helps Israeli exporters open up the Indian market, which undoubtedly holds tremendous economic and trade potential.”

India represents one of Israel’s most important export markets. In 2016, India was ranked 9th among Israeli trade destinations. This can be attributed to warming bilateral relations, which have been significantly strengthened in recent years. Several joint ventures have been launched in the fields of agriculture, science, health, IT, telecommunications along with other joint-industrial cooperation. Both sides are eager to cooperate on other issues as well, such as water technology and smart cities. As of today, India is Israel’s second largest trade partner in Asia, after China.

Since the 1990s, the governments of Israel and India have signed a variety of cooperation agreements in the sectors of agriculture, communications, trade, investment, R&D, environmental protection, water and medicine. One agreement soon to be signed is the Karnataka-Israel R&D program, a $40 million joint fund to leverage economic cooperation between the two sides.

Many Israeli companies have established offices and even production facilities in India. These include Teva, Netafim, CheckPoint, Amdocs, Magic Software, Ness Technologies, Mobileye, and HP Indigo as well as Israel Aerospace Industries, Elbit, Verint, and others.