Industry & Economy
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Bio-tech & Genetics
Israel may collaborate with India in biotech
Our Bureau
Chennai
,
June 12
Israel may cooperate with India in biotechnology, Mr Mouneer Agdariya, Counsellor, Economic Affairs, Embassy of Israel, has said. This may prompt an Israeli delegation to visit the biotechnology exhibition to be organised by the Southern India Chamber of Commerce and Industry at Chennai in December.
The Counsellor said Chennai could be considered as a third location to hold the annual telecom exhibition hosted by the Israeli embassy. The exhibition that sees participation from major telecom and IT companies in Israel and India is now held at New Delhi and Mumbai.
On the proposed free trade agreement (FTA) between India and Israel, he said it could not be possible in the near future as Israel did not see any benefit in the offer. "The FTA was meant to benefit mainly plywood and textile industries and these (industries) are insignificant for Israel," he said.
Working on pact
However, Israel is working on an economic cooperation agreement that is likely to be signed in 2007. The first round of negotiations between the two countries will start in October. Considered as a mini-FTA, this will contain a preferential agreement under which import and export of selected items will be tax-free.
Indo-Israel bilateral trade is expected to be around Rs 13,500 crore this year as against Rs 11,250 crore in 2005.
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