Gujarat seeks to deepen biz ties with Israel
To attract more investments from Israel and strengthen trade ties with it, a delegation from Gujarat has asked the business community here to partner with the state, pitching it as an investment-friendly destination.india Updated: Sep 25, 2012 14:02 IST
To attract more investments from Israel and strengthen trade ties with it, a delegation from Gujarat has asked the business community here to partner with the state, pitching it as an investment-friendly destination.
"Israel is a target market for Gujarat state," Mukesh Kumar, the managing director of Industrial Extension Bureau in Gujarat told Israeli businesses.
"The combination between the technological capabilities in Israel, alongside the huge potential of the industry in Gujarat, will lead to significant growth in both markets," he said.
Kumar invited Israeli businesses to participate in large numbers in the annual Vibrant Gujarat conference, which will be held in Gandhinagar in January 2013.
"We intend to hold a unique interaction for the Israeli industry with the leaders of the local industry," he added.
A seminar organised by the Israeli Export Institute to enhance cooperation between the two sides drew a huge response from the business community here with 50 top companies from diverse fields participating in the event.
"The combination of strategic geographic location, skilled manpower, multi-language speakers, and local Authority which placed the economic growth and development at the top of its list of priorities, makes Gujarat an attractive market for the Israeli companies," Offer Zaks, the CEO of Israel Export Institute said explaining the overwhelming response from the Israeli business community.
Recent trends have shown that Israel's engagement with Gujarat have deepened manifold with The Israel Ports Company (Hani) recently winning a tender for the establishment of two ports in Gujarat at a total cost of USD 1 billion.
Also, Israeli pharmaceutical major TEVA has decided to establish a factory in Sananad city at an estimated preliminary investment of USD 45 million.
The TEVA factory will produce medicines that can be sold without prescriptions (OTC) and are meant for the Indian market, not exports.
In July, The International Centre for Entrepreneurship and Technology (icreate) of Gujarat had signed an MoU with Technion, Israel, to encourage and create the ecosystem of innovation, technology and entrepreneurship.
Kumar called for greater cooperation between various Israeli and Gujarati institutes of learning.
The Gujarat delegation included companies from the IT, textiles, water and Bio Energy.
It met with senior government officials at the ministry of trade, industry and labour, among others.