Israel eyes stronger trade ties with India

Tuesday, 07 December 2004, 20:30 IST
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MUMBAI: Israel is keen to forge stronger trade ties with India in a vast spectrum of industrial sectors such as IT, biotechnology, and agriculture, said a senior Israeli official Monday. "The growth of the Indian economy has been phenomenal in the last few years," said Israeli Vice Prime Minister and Minister of Industry, Trade and Labour Ehud Olmert, who is visiting India with a large business delegation. "We are here to understand India's dynamics, so that we can follow suit," Olmert told a business gathering organised by the Confederation of Indian Industry (CII) here. "There's a lot for us to learn from India," said the official, adding he was impressed by the level of sophistication and hi-tech in India. With India-Israel trade touching almost $2 billion in 2004 and offering immense potential for growth, the Israeli delegation has come to enhance the political and economic ties between the two countries. During the five-day visit, the Israeli delegation will hold extensive talks with Indian leaders and businessmen in search for possibilities of mutual cooperation to reach out to the global market together. The visit comes close on the heels of the visit of two Indian delegations from the IT and biotech sectors to Israel last month. "The time has come for us to establish a partnership and have open sharing of knowledge in different areas to grow together," said Olmert. Banmali Agrawala, chairman of CII Maharashtra state council, said though trade between India and Israel had almost doubled to $2 billion in the last three years, there was still immense potential for growth. "We are looking at $8 billion by 2010," Agarwala told the gathering.
Source: IANS
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