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Indian, Israeli firms sign MoUs worth over $5 billion at Modi's meet with CEOs

PM Modi at a meeting with Indian CEOs in Israel's Tel Aviv. Photograph: (ANI)

WION Web Team Tel Aviv-Yafo, Israel Jul 06, 2017, 03.09 PM (IST)

Indian and Israeli companies signed MoUs worth over five billion dollars and agreed to a five-year trade target of USD 20 billion during PM Modi's meeting with CEOs in Tel Aviv on Thursday.


PM Modi, who shared photographs from the event on Twitter, said he "interacted with Indian and Israeli CEOs to discuss the immense opportunities in India and the wide scope of India-Israel economic cooperation."

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The Indian PM added that the key focus areas of his Israel visit were start ups and technology. 

 

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As many as 12 strategic pacts envisaging investments worth USD 4.3 billion were signed between Indian and Israeli companies, India's industrial body, the Federation of Indian Chambers of Commerce and Industry (FICCI) said.

"The forum identified and stressed on the need to realise opportunities in focus sectors identified during the first meeting of the CEOs forum. There was a consensus that the current trade volume amounting to just over USD 4 billion has the potential to reach USD 20 billion in the next five years. To realise this goal, the forum underlined key recommendations to two heads of states," FICCI said in its statement.

CEOs from both sides also identified focus sectors for mutual collaboration in the spheres of agriculture, irrigation, water treatment, urban infrastructure, transport (including high speed railways and metro), pharma, life-sciences, digital technologies, Information Technology, start-ups and innovation and defence and homeland security.

Pankaj R Patel, Deputy President of India-Israel CEOs forum confirmed that 12 MoUS worth over 4.5 billion dollars have been signed between Israeli and Indian companies.

"We expect a lot of business development between the two sides with an aim of reaching a business of 20 million dollars in the next five years," he added.

Shraga Brosh, President India-Israel CEOs forum said ahead of the meet, "The goal of the CEO forum is to increase the cooperation between the Indian and the Israeli businesses. We have identified a few sectors like agriculture, water treatment, healthcare, medical devices and others that we are sure we can reach a goal of 20 billion dollar."

"We have created six working groups dealing with each sector separately and experts from both sides will be part of this group," he added.

Prime Minister Modi is the first Indian Prime Minister to visit Israel.

Earlier in the day, the Indian PM and his Israeli counterpart Benjamin Netanyahu paid homage to Indian soldiers martyred during World War I at the Haifa Cemetery.

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Before his departure for Hamburg, Germany for the G20 summit, PM Modi also interacted with Indian students in Tel Aviv.

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The Indian prime minister, who was accompanied by his Israeli counterpart throughout, shared pictures from his visit, including one signed by Benjamin Netanyahu.

 

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