The Hindu : Indian businessmen urged to invest in Israel

Online edition of India's National Newspaper
Wednesday, Sep 10, 2003

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Indian businessmen urged to invest in Israel

By Our Special Correspondent

NEW DELHI SEPT. 9. The Israeli Prime Minister, Ariel Sharon's visit is set to establish a strong business platform between India and Israel, Avigdor Itzchaky, Director-General in the Israeli Prime Minister's Office said here today.

Mr. Itzachaky, who was addressing a India-Israel Business Conference organised by the Confederation of Indian Industry (CII), invited the Indian business community to invest in Israel, which has a vibrant economy. The two countries can double the volume of business by joining hands through joint ventures in many areas.

India was Israel's second largest trading partner in Asia. The two-way trade had increased by 24.4 percent for the first six months of 2003, reaching $784. 4 millions compared to $600.9 millions in the corresponding period last year.

The Deputy Director-General, Israel Export & International Cooperation Institute (IEICI), Yair Ofek, said India and Israel have the potential to become "economic superpowers", if both joined hands in their march towards prosperity.

Israel has an outstanding human capital, global economic orientation, political stability, modern hi-tech infrastructure and supportive environment. Hence the Indian business community should double its investment in Israel, he said.

Mr. Ofek outlined Israel's areas of excellence — Internet, software, e-commerce, bio-technology and data security, which he said could be of great help to Indian companies. The Israeli economy was characterised by constant growth and fast development of technology, supported by its human capital — the "main natural resource available in Israel."

Feel good factor

The CII vice-president, Sunil Kant Munjal, said the two sides were meeting at a time when there was a feel good factor as far as the Indian economy was concerned. Mr. Munjal, apprising the Israeli delegation of the state of the Indian economy, said inflation was now at an all time low and exports were growing rapidly. India was now looking at a growth rate of more than 6 per cent.

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