Online edition of India's National Newspaper
Thursday, Dec 07, 2006
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Online edition of India's National Newspaper Thursday, Dec 07, 2006 ePaper |
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Special Correspondent
KEEN TO INVEST: Israeli Minister of Industry, Trade and Labour Eliyahu Yishai being welcomed by Minister of State for Mines T. Subbarami Reddy and past president of FICCI, Y.K. Modi, at a meeting in New Delhi on Wednesday. — Photo: S. Subramanium
New Delhi: Trade between India and Israel is expected to reach eight billion dollars by 2008, Israeli Deputy Premier and Minister of Trade Eliyahu Yishai said here on Wednesday. Addressing a meeting organised by the Federation of Indian Chambers of Commerce and Industry (FICCI), he said trade ties are set to receive a shot in the arm with the two countries working towards hammering out a preferential trading agreement.
Extensive discussions
He said extensive discussions had been held with India's Commerce and Industry Minister, Kamal Nath, and Israel is keen to invest in various sectors in this country. Earlier, the Minister of State for Mines T. Subbarami Reddy said the country's new mining policy is likely to be released in the next few months. He said the policy would encourage exploration and extraction of minerals by foreign companies. In this context, he invited Israeli entrepreneurs to participate in the diamond sector by bringing in venture capital funding. Mr. Reddy said though India has diamond reserves of about 450 million tonnes as per the report of the Geological Survey of India, extraction required huge risk capital which entrepreneurs here could not afford. He said India is importing Rs. 50,000 crore worth of rough diamonds annually and then re-exports them after polishing and finishing. Since Israel was carrying on similar activity, he suggested that joint ventures could be set up by the two countries. Mr. Yishai is on an official visit accompanied by a large multi-sector business delegation.
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