India is one of Israel's top trading partners and the two countries should work to sign a free trade agreement (FTA) soon, Israeli President Reuven Rivlin told a business forum in New Delhi.
Addressing the India-Israel Economic Forum: Innovative Partnership, organised by Indian trade bodies Ficci, CII and Assocham, Rivlin said: "We are here to Make in India and Make with India."
He was referring to Prime Minister Narendra Modi's "Make in India" campaign, which seeks to attract huge investments in the manufacturing sector.
The Israeli leader hoped that his visit would pave the way for a full FTA between the two countries.
Rivlin's assertion could provide fresh momentum to the conclusion of the FTA, which has remained elusive despite negotiations having begun more than six years ago. The first round of negotiation was held in India on 26 May, 2010.
Outlining the areas for bilateral cooperation, Rivlin said trade between the two countries is growing at a rapid pace and there is great scope for cooperation in water treatment projects, optics, metals, aviation, diamonds and textiles.
Amitabh Kant, CEO of NITI Aayog, stressed upon India's ambition to grow at 9-10 per cent annually. He told the event that the Indian government is undertaking structural reforms such as the bankruptcy law, GST and the Demonetisation of currency notes.
Defence, manufacturing, agriculture and water management are some of the key areas where the two countries need to develop strong partnerships.
Punj Lloyd chairman Atul Punj said both countries need to deepen cooperation in the fields of science and technology, R&D and innovation since efforts in these areas will increasingly define the path of economic development in coming years.
The technological power of Israel can also play an important role in helping develop the India’s smart cities programme, he added.
Shraga Brosh, president of the Manufacturers Association of Israel (MAI), in his remarks said that MAI and Ficci had decided on a target of tripling the two-way trade turnover.
The focus, he said, should be on agriculture, homeland security and energy. The MoU signed with Ficci, he said, will act as a bridge to create more business between Israel and India.
Assocham president and SREI vice chairman Sunil Kanoria laid stress on the immense possibilities that can open up if Israeli technology and Indian talent come together.
"When two entrepreneur partners come together, their combined strength can produce world beaters", he said.
Israeli tech start-ups can help in imparting these skills in India to supply human talent for jobs in India and the world over, he emphasized.
Pointing out the potential of Indian market, Harshavardhan Neotia, president of Ficci said: "We firmly believe that current global geopolitical trends make it ideal for India and Israel to strategize on a defence and homeland security collaboration with a larger role for Indian private sector in co-production and co-development. Together we can build a global campaign to combat droughts which will also generate opportunities to work on global challenges like food security and water management."
In his talks with Indian leaders, Rivlin expressed Israeli commitment to jointly fight against the menace of terrorism.
"We also face a common challenge in fighting terrorism and radicalism. I am here today to affirm our commitment to the fight against global terrorism. We are here today, to carry the great potential of this partnership into reality," Rivlin said at a function.
BW Reporters
Chahat Jain is a Video Producer with Political Science background. She has worked in Business News Channels like ET NOW and ZEE Business. She loves travelling and socialising
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