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Press Release

Role of business crucial in transforming India-Israel economic ties: PM Modi India, Israel on same page on reform & technology-led growth: PM Netanyahu

Jan 15, 2018

NEW DELHI, 15 January 2018: Mr. Narendra Modi, Prime Minister of India and Mr. Benjamin Netanyahu, Prime Minister of Israel, today expressed their unwavering belief that the two countries can together shape the future of their countries and the world. Both leaders emphasised on the critical role of business in transforming bilateral trade and investment ties, with Prime Minister Modi stating that Indian and Israeli business had the capacity to add real value to achieve concrete success in boosting two-way trade.

Prime Minister Modi and Prime Minister Netanyahu were addressing the India-Israel Business Summit organised jointly by FICCI, ASSOCAM, CII and the Manufacturers' Association of Israel (MAI). FICCI was the lead coordinator for the Summit.

Mr. Modi said that for making 'Start up India' programme a success it was imperative for industry, start-ups and the academia to collaborate with their Israeli counterparts to cash in on the advances in technology of Israeli companies that has won global admiration.

Mr. Netanyahu said that the economic reforms and emphasis on technology for growth espoused by Prime Minister Modi was an agenda that the two countries could take forward together. He stressed on the role of big data, artificial intelligence and connectivity to achieve high innovation-led rates of growth.

Mr. Rashesh Shah, President, FICCI, in his welcome remarks, said that the Innovation Bridge announced between the two countries is a foundation stone to innovate, incubate, indigenise and internationalise global markets. Cooperation in agriculture and water, collaborations in research, development and technological innovations to strategic collaborations in defence and counter-terrorism are becoming the bed-rock of our multi-faceted relations. Cooperation in the field of innovations, start-ups and cutting-edge technology across sectors, is all set to define our cooperation for many years to come, he emphasized.

Ms. Shobana Kamineni, President, CII, highlighted new areas where India and Israel could work together. These include space and satellite cooperation, cyber security, development of India-specific technologies and products and high-tech manufacturing for Indian and overseas markets in one of India�s industrial corridors.

Mr. Sandeep Jajodia, President, ASSOCHAM, said that India was now one of the world�s fastest growing economy, offering a huge youthful consuming class. Israel was noted for its technology in defence, pharma, agriculture, cyber security and gems.  The businesses of the two countries were thus ideally suited to complement the development of each other�s economy.

Mr. Shraga Brosh, President, MAI, said the challenge before the two countries was to achieve the goal of US$ 20 billion worth of trade in the next four and a half years. He expressed confidence that given the desire and the commitment of the two sides this would be achieved.

For Further details, Contact:

Santosh Tiwari

Senior Director

M: 9811994305

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