Israeli trade delegation drumming up business in India

“I am convinced that the common desire and mutual visits, such as this delegation, will deepen the trade relations between the two economies and contribute to the trend of strengthening bilateral relations in recent years.” – Minister Nir Barkat

By Pesach Benson, TPS

Minister of Economy and Industry Nir Barkat on Saturday night flew to India at the head of a delegation of Israeli businessmen for a series of meetings with leaders in India’s business and government sectors.

India is the world’s seventh largest economy and is Israel’s second largest trading partner in Asia, after China. Bilateral trade is around $8.5 billion.

Barkat’s delegation consists of ministry officials and representatives of 15 Israeli businesses in the fields of fintech, agritech, automotive, cleantech and more. They will meet with Indian Minister of Commerce and Industry, Puyush Goyal, Minister of Small and Medium Business Narayan Rane, and representatives of industrial organizations and multinational corporations, among others.

The Israelis will also meet with members of the Confederation of Indian Industry, a non-governmental trade organization, and Indian members of the Entrepreneurs Organization, an organization active in 60 countries.

Israeli exports to India make up around $5.2 billion. Primary areas of trade include computer services, chemicals and industrial products, precious stones and metals, and transportation products. Imports from India $3.3 billion in products, primarily stones and precious metals, wood products, textiles and paper, chemicals, and chemical products.

“Our economic relations with India are strategic and very significant for the Israeli economy in light of the ongoing technological development boom in India, and I see our economies as complementary economies,” said Barkat.

“I am convinced that the common desire and mutual visits, such as this delegation, will deepen the trade relations between the two economies and contribute to the trend of strengthening bilateral relations in recent years. India is growing at an amazing rate and has become a major player in the global market, we intend to strengthen and intensify the ties even more,” he said.

The delegation’s itinerary also includes a visit to the Chabad House in Mumbai to pay their respects to six Jews killed there during the Mumbai terror attacks of 2008. During a four-day rampage, Pakistani terrorists from the Lashkar-e-Tayyiba terror group killed 164 people and injured more than 300 during a four-day period.

Israel economyIsrael-India relationsIsraeli tradeNir Barkat