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G. Srinivasan

Tel Aviv, Aug 6 India today sought Israeli expertise in beefing up its own research and development base as the proportion of Israeli gross domestic product to R&D is quite substantial in science and technology.

Inaugurating the joint business forum here, organised by the Federation of Indian Chamber of Commerce & Industry (FICCI) and the Israel Export & International Cooperation Institute, the Minister of State for Industries, Mr Ashwani Kumar, said India needs Israeli expertise and experience in R&D for small and medium enterprises in areas such as agriculture, irrigation and chemicals.

India has a huge market of 350-million strong middle class segment and 7.9 million people would have purchasing power of Rs 14,00,000 crore.

Mr Kumar said that peace was crucial for development and praised the Israeli President, Mr Simon Peres, for his “irrevocable commitment” to peace.

Mr Kumar highlighted India’s growth story and its integration with global economy and the challenges of inclusive growth which it was addressing now. Israel with a large percentage of unemployed in sectors other than high-tech could draw some points from the upgradation and rationalisation of traditional industries currently being successfully implemented by India.

The Chairman, Israel Export & International Cooperation Institute, Mr David Arzi, said that India today is the third trading partner of Asia for Israel after Hong Kong and China and said a potential free trade agreement between the two would ease the way for more joint projects, including one with third parties. He said the institute is working with Exim Bank of India to identify additional sectors, more partners and fresh ideas to extend the scope of cooperation to new and frontier areas.

He added that the institute is willing to support Indian companies for collaborations and joint ventures in Israel.

Mr Gopal Krishna, Joint Secretary, Department of Industrial Policy& Promotion, made a presentation on India, highlighting the competitive edge India enjoys in several areas to be taken advantage of by prospective Israeli companies eyeing joint ventures with Indian companies.

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