India-Israel Trade Ties

Why in news?

Prime Minister’s Israel visit will set the stage for partnerships in defence and agriculture.

What are the highlights of Israel technology?

• Israel has become the centre for R&D in the area of autonomous car technology.
• It has a long line of dynamic innovation ecosystem outside America.
• Israel tackled its rain deficiency by developing technology solutions for water reuse in agriculture and industry.
• Israel’s low inflation and rising labour force participation has a lot to offer businesses.

What is the status of India-Israel trade relationship?

• India has bilateral ties with Israel in areas of security, defence and agriculture.
• The bilateral trade currently reached $4.5 billion from $200 million in 1992.
• The presence of Israeli companies in India has grown to 300.
• India exports precious stones, metals, chemical products, textile, rubber & plastic products, and base machinery to Israel.

What are the areas of trade to be concentrated?

• Israeli defence industries are well inclined towards joint ventures to give a boost to the ‘Make in India’ campaign.
• India-Israeli deal to jointly develop a medium range surface-to-air missile system is a good business model to work on.
• A joint research and development fund can work wonders.
• Indian-Israeli companies with their innovation can together stimulate domestic manufacturing and agriculture sector.
• The Israeli dairy genetic material can revolutionise the dairy industry in India.

Source: Business Line