Israel seeks greater investments from India
04 Dec 2006
Mumbai: Israel has sought greater investments from India in order to provide a fillip to expanding bilateral trade. trade between India and Israel during the first nine months of 2006 reached $1.98 billion. Israeli exports to India accounted for $885 million compared to $928 million for the same period the previous year, Israel''s deputy prime minister Eliyahu Yishai said.
Exports from India to Israel amounted to $1.093 billion compared to $1.026 billion in the same period last year, he noted.
"In 1992, the volume of trade between Israel and India was $200 million. This year, it will be close to $3 billion," he told a CII interactive session with the business community.
"Over the last years few years, we have recorded acceleration in the economic and commercial activities between the two countries. Nevertheless, we still need to work in order to increase it", he said.
Israel''s industry, trade and labour ministry has declared India as a `target market'' and allocated a special budget in a bid to widen and deepen trade ties between the two countries, he added.
He said, despite the war with Lebanon last summer, foreign investors are not averse to investing in Israel. In fact the country witnessed a `record'' inflow of FDI this year, he said.
Meanwhile, two Israeli companies have joined hands to invest $100 million in the booming real estate sector of India.
Israel''s Property and Building Corporation, a subsidiary of the country''s largest holding company IDB Development Corporation and Electra Ltd have announced that they agreed on a joint venture in which both of them will hold 45 per cent stakes. The joint venture includes an unnamed Indian partner, which will hold a ten per cent stake.
The companies are currently examining investments in southeast India, the companies said.
