Economy

Israel formulates programme to boost exports

PTI Jerusalem | Updated on March 09, 2011

Israel has formulated a three-year programme with a budget of 100 million shekels (about $26 million) to boost its exports to target destinations — India and China.

A joint committee of the Finance and Industry Ministries formulated the programme at the instructions of the Prime Minister, Mr Benjamin Netanyahu, who had asked to examine ways to increase exports to the two Asian giants, Israel National News reported today.

The committee is headed by the Director General of Israel’s Finance Ministry, Mr Haim Shani.

“The plan presented today is the first component of a series of measures to support increasing trade with China and India and is coming out of a strategic economic grasp of their place in the global economic map.

“Future steps will emphasise the relative advantages of Israel, in innovation, higher education and entrepreneurship,” Mr Shani told the news portal.

The programme aims to increase the number of Israeli exporters operating in the Indian and Chinese markets, to diversify the composition of Israel’s exports and to generate sustainable growth avenues that will strengthen the Israeli industry and increase its resilience in the face of the challenges it faces in the coming years.

Israel’s Foreign Trade Policy describes China and India’s as target countries for trade due to their rapid economic growth, which poses great opportunities for the Israeli economy and constitutes an enormous potential for its companies.

The Israeli Ministry of Industry, Labour and Trade is said to have conducted comprehensive consultations with representatives from the industries in recent months to build the programme. It has been designed for SMEs who have proven excellence and innovation in their fields of activity.

India has leaped to become Israel’s second largest export destination, only next to close ally the United States.

As per the figures provided by Israel’s Export and International Cooperation Institute, India jumped from the eighth position to second as the favoured destination for Israeli exports in the first half of 2010.

Israeli exports to India in the first half of last year equalled $990 million, an increase of 102 per cent compared to the year before.

The reason for this sharp jump was a 63 per cent leap in exports by Israel’s mining, minerals and quarrying sector, which exported $228-million worth of products, mainly fertilisers, to the sub-continent.

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Published on March 09, 2011
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