**New Delhi**: The Confederation of Indian Industry and FICCI hosted the India-Israel Business Forum on October 10, 2023, aiming to enhance trade and investment between the two nations, with participation from key officials underscoring opportunities across various sectors, including technology and agriculture.
In a concerted effort to enhance economic ties between India and Israel, the Confederation of Indian Industry (CII) and the Federation of Indian Chamber of Commerce and Industry (FICCI), in collaboration with the Department for Promotion of Industry and Internal Trade (DPIIT) and the Embassy of Israel, hosted the India-Israel Business Forum and the 3rd India-Israel CEO Forum on October 10, 2023, in New Delhi. These events aimed to reinforce the long-standing economic and strategic partnership between the two nations, fostering new avenues for trade, investment, and technological collaboration.
During the inaugural session of the Business Forum, Union Minister of Commerce and Industry, Shri Piyush Goyal, emphasised India’s ambition to transition into a USD 30-35 trillion economy by 2047, under the vision of Viksit Bharat. He pointed out the significance of the growing partnership with Israel, noting that it is founded on shared values of democracy, economic resilience, and technological progression. Goyal stated, “India has a zero-tolerance policy on terrorism and is committed to global peace and security.” He also outlined ten key strengths of India, referred to as the “10 D’s,” which include democracy, demographic dividend, diversity, digitisation, decarbonisation, determination, development, dependability, decisive leadership, and demand. These factors together represent India’s immense economic potential. He highlighted the rapid digitisation across various sectors, including Agritech and education, reiterating India’s role as a dependable partner during the COVID-19 pandemic.
The Israeli Economy and Industry Minister, H E MK Nir Barkat, remarked that the delegation attending the forum was Israel’s largest mission to any country, reflecting the solid governmental collaboration fostered by the friendship between Prime Minister Narendra Modi and Prime Minister Benjamin Netanyahu. He articulated two main objectives of the Forum: to expose Israeli companies to collaboration opportunities in India and to explore ways to deepen the bilateral relationship further. Barkat also mentioned the potential of the India–Middle East–Europe Economic Corridor (IMEEC) as a significant avenue for cooperation.
The discussions were enriched by insights from Shri Amardeep Singh Bhatia, Secretary of DPIIT, who underscored India’s large market and its pool of skills, particularly in chip design and pharmaceutical research. He highlighted potential collaborative opportunities with Israel’s robust innovation ecosystem, aiming to enhance foreign direct investment (FDI) flows both ways.
H E Reuven Azar, the Israeli Ambassador to India, elaborated on strategies for securing supply chains and addressing global competition challenges. He proposed a partnership centred on high-tech manufacturing and research and development supported by the Mutual Investment Agreement signed in March.
The CEO Forum facilitated strategic dialogues among industry leaders, policymakers, and investors, focusing on critical collaboration areas like technology and innovation—including AI, quantum computing, smart manufacturing, and cybersecurity—alongside agriculture, healthcare, defence, energy, water management, and trade facilitation. Mr. Avi Balashnikov, Chairman of the Board at the Israel Export Institute, asserted, “When I look, I see two giants: India is a giant in size and scale, and Israel is a giant in new ideas.”
Additionally, Mr. Sanjiv Puri, President of CII, highlighted various areas of potential collaboration, such as renewable energy and water resources, and proposed strengthening the India–Israel Industrial R&D and Technological Innovation Fund.
The event attracted over 500 B2B meetings, wherein representatives from both countries engaged in discussions on areas for potential collaboration.
The India-Israel Business Forum and CEO Forum are seen as crucial milestones in accelerating economic cooperation, driving trade expansion, and fostering investment-led growth between India and Israel, reflecting their status as natural allies committed to innovation and mutual prosperity.
Source: Noah Wire Services
Subscribe to Industry Updates
