India’s Prime Minister Narendra Modi expressed India’s commitment to enhancing trade, boosting investment flows, and fostering joint infrastructure development with Israel. The Bilateral Investment Treaty, inked last year, aims to offer assurance and stability to Indian businesses. During his landmark address at the Israeli Parliament, Knesset, marking the first such speech by an Indian PM, Modi highlighted the recent trade pacts India has sealed with various nations.
Modi emphasized the significant growth in bilateral goods trade with Israel in recent years but stressed that there is untapped potential. Efforts are underway to negotiate a comprehensive Free Trade Agreement to fully leverage the trade relationship. Additionally, collaborations like the India-Middle East-Europe Economic Corridor and the I2U2 framework involving India, Israel, UAE, and the US are on the agenda for closer cooperation.
Recognizing Israel as the ‘start-up nation,’ Modi underscored joint initiatives to nurture innovation among the youth. He recalled the inauguration of the iCreate Technology Business Incubator in India in 2018, which has since supported close to 900 start-ups. India recently hosted the world’s largest AI Impact Summit, drawing participants from over 100 countries, reflecting the alignment of aspirations with Israel’s innovation ecosystem.
The Prime Minister highlighted the potential synergies in quantum technologies, semiconductors, and artificial intelligence between India and Israel. Collaboration is also underway to establish cross-border financial connections using Digital Public Infrastructure. Modi praised Israel’s expertise in precision irrigation and water management, which has revolutionized agricultural practices in India. The establishment of 43 Centres of Excellence across India, benefiting over half a million farmers, is a step towards expanding to 100 Centres to reach millions more farmers and fishermen.
