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Israeli firms for India foray

business Updated: Jan 14, 2010 20:22 IST
Devraj Uchil

Israel wants strong trade ties with India and it sees great business potential in the fields of homeland security, water management, agriculture technology, renewable energy, medicine and telecommunications.

“During my visit to India, I have interacted with ministers and businessmen. There is mutual understanding on the importance of enhancing relations,” said Benjamin Ben-Eliezer, Minister of Industry, Trade and Labour, Israel at a business-to-business meeting in Mumbai, on Thursday.

Israel has been actively looking to increase business participation with India for the past few years and it will focus on India in 2010.

An Israeli firm has also signed a pact with Yes Bank, making it the nodal agency for catalysing investment in the focus sectors.

Speaking to Hindustan Times, Ben-Eliezer said, “We welcome Indian companies and businessmen to come to Israel and invest across sectors.”

Avi Hefetz, chief executive officer of Israel Export and International Cooperation Institute (IEICI) told Hindustan Times, “India is chosen as the foremost country for business by Israel. We do not compete, but complement each other.”

IEICI and Yes Bank have inked a memorandum of understanding (MoU) on water management and agriculture technology. Yes Bank would be acting as the knowledge partner in catalysing investment in the focused sector.

“As per the MoU, Yes Bank will be the single nodal agency for IEICI in India for collaboration and partnership with Indian business,” said Raju Poosapati, senior manager — F&A research & strategic advisory.

Hefetz pointed out a need to encourage Indian companies to partner with Israeli corporates. Israel wants to benefit from Indian expertise in information technology and communication.