Earlier during the day, Prime Minister Narendra Modi and Israeli premier Benjamin Netanyahu signed nine pacts across various fields to further strengthen strategic ties between the two countries.
The India-Israel Business Innovation Forum was organised by industry chamber Confederation of Indian Industry (CII) in New Delhi on January 15, 2018, aimed at unearthing opportunities for entrepreneurs of the two countries in the areas of technology and innovation. The forum meeting coincided with the official visit of Israeli premier Benjamin Netanyahu, who is leading a high-level business delegation of 130 businessmen from 102 Israeli companies.
Ramesh Abhishek, Secretary of Department of Industrial Policy and Promotion (DIPP), highlighted that problems relating to import duties, taxes and licensing processes have been bothering Israeli companies doing business in India, but assured that the problems are being looked into by concerned ministries.
“I assure you to resolve all problems and make things easier and better for Israeli companies to do business in India. We have been able to do a few things in the last few months and many are in progress," he added.
Addressing the forum, Israel's Trade Commissioner Ohad Cohen hoped that Benjamin Netanyahu’s visit would bring a positive impact on the proposed Israel-India Free Trade Agreement (FTA).
Barak Granot, Economic Consul, Head of Israeli Economic and Trade Mission – Embassy of Israel in Delhi expects the biggest Israeli business delegation would catalyse the creation of more business opportunities for both the nations.
“It was heart-warming to see the way the Indian businessmen and women showed enthusiasm to meet the Israeli business delegates and the cutting-edge Israeli technologies that they have to provide for the Indian market. I am highly delighted to see the business interactions and expect more business interaction and business opportunities to come in the near future” he added.
At the event, eight pacts were signed to increase economic cooperation between the two sides. Among these were MoUs signed by the CII separately with the Israel-Asia Chamber of Commerce and the Israel Export and International Cooperation Institute.
Besides these pacts, Tata Projects exchanged an MoU with Israeli company Water-Gen and the DIPP-backed Invest India entity signed an MoU with Israel's Foreign Investments and Industrial Cooperation.
Over 130 Israeli business delegates from diverse sectors and industries like water, agriculture, food, cyber security, homeland security, defense, software, IT and law firms, among others attended the event. Also, a delegation of 22 Israeli startups, led by the Israel Innovation Authority in collaboration with Invest in India (Startup India) participated in the event.
Earlier during the day, Prime Minister Narendra Modi and Netanyahu signed nine pacts across various fields to further strengthen strategic ties between the two countries.
The two leaders signed MoUs on cybersecurity cooperation, cooperation in oil and gas sector between petroleum and energy ministries, protocol on amendments to air transport agreement, agreement on film co-production, cooperation in field of research in homeopathic medicine, cooperation in field of space, letter of intent between Invest India and Invest in Israel, cooperation in area of metal batteries, and cooperation in area of concentrated solar thermal energies.
The Israeli premier will be now heading to Mumbai to attend India Israel Business Summit 2018.