Netanyahu's India Visit: India-Israel Ink 9 MoU’s For Cooperation
MoU's were signed in the field of co-operation on Cyber Security, Oil, and Gas sector, Air Transport Agreement, Film co-production, Homeopathic Medicine, Invest India and Invest in Israel.
Besides the MoU’s a letter of intent between IOCL and Phinergy Ltd, IOCL and Yeda Research and Development Co Ltd have also been signed.
During Indian PM Narendra Modi’s historic visit to Tel Aviv last year the two nations had vowed to increase the bilateral trade to almost 20 billion by 2020.
Along with these collaborations, the two governments will also launch an R&D fund of about 40 million dollars to support business from both countries.
As per the agreement, the company will bear a 25 percent cost of the R&D and the government’s in collaboration will bear 50 percent of the cost.
“In the past 6 months we have had 60 times more query’s from Israeli companies about their venture and investments in India,” said Deepak Bagla, MD Invest India.
Further Israel is now also looking to join hands with bodies like ASSOCHAM, CII, FICCI, and NASSCOM to nurture business in both the countries.
Ohad Cohen, Trade Commissioner & Director of Foreign Trade Administration, Ministry Of Commerce & Industry, Government of Israel said in an exclusive interview with BW Businessworld
“Both the countries have a lot to gain from each other. There are a lot of opportunities that exist for both the countries. So it is not a surprise that ever since the historic visit of your PM the two countries have shown such excitement for each other.”
Netanyahu has come to India with a business delegation of 130 people.
The business delegation which consists of 100 companies, 20 start-ups and 30 government officials from the economic arena, aims to collaborate with Indian companies.
Indian PM Modi was the first Indian PM to ever visit the Jewish state last year in July and give a new dimension to the Indo-Israel relationship.
Bilateral trade with Israel currently stands at 5.04 billion except co-operation in the Defence sector. And it is increasing at a rate of 2.3 percent.
