During The Historic Visit By PM Modi, India And Israel Sign Business Deals Worth $4.3 Billion

Indian and Israeli companies signed strategic pacts worth $4.3 billion (excluding defence) on the sidelines of the first CEOs Forum held in Tel Aviv on Thursday. With Prime Ministers Narendra Modi and Benjamin Netanyahu presiding, almost 30 CEOs from both sides promised to power the economic and investment relationship.

AP

The business leaders gave a thumbsup to the $40 million innovation fund announced on Wednesday, but urged both governments to restart discussions on an FTA (free trade agreement) and investment protection pact to deepen economic ties.

They also sought easier registration of businesses in both countries, more connectivity by increasing direct flights, standardisation of requirement to make sure products are of the highest quality and promotion of tourism and cultural exchanges. The aim is to increase bilateral trade from the present $4-5 billion to $20 billion in five years.

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AP

The CEOs asked the Israeli government for longer-term multiple entry business visas, change of rules for investors, opening up of the agriculture sector for tie-ups and knowledge transfer. Israeli businessmen said India should have more effective intellectual property protection. They also sought more worker visas, smoother dispute resolution and "encourage the full utilisation of buybacks, given the defence procurement from Israel".

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In their joint statement on Wednesday, the two governments acknowledged the validity of many of these recommendations.

The statement said the two PMs "tasked the India-Israel CEO Forum to come up with early recommendations" to boost bilateral cooperation in innovation and entrepreneurship.

The statement said the governments would work on "granting of multiple entry visas to business people for up to five years", and would begin negotiations on an investment protection agreement. Israel will be the partner country for the annual Technology Summit to be held in India in 2018.

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The strategic MOUs signed on Thursday include those between Texmaco and Leshman-Lesico; Alpha Design and Elbit Land Systems; Elcomm Innovations and Eccopia Scientific; Wipro and Israel Aerospace; Dynamatics Technologies and Israel Aerospace and Elcom Systems; Cadila Healthcare and Phibro Animal Health Corporation; Sun and Water-Gen; tGELF and LEAD; Telerad Tech and Zebra Medical Vision; Kalyani Strategic Systems and Israel Aerospace; and Mahindra and Shachaf.

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