$4.3-bn pacts inked at India-Israel CEOs forum, says Ficci

A brief meeting outcome report was submitted to outline developing future course of economic actions

As many as 12 strategic pacts envisaging investments worth $4.3 billion were signed between Indian and Israeli companies at the first meeting of CEO forum in Tel Aviv today, according to Ficci.

"The forum identified and stressed on the need to realise opportunities in focus sectors identified during the first meeting of CEOs forum. There was a consensus that the current trade volume amounting to just over $4 billion has the potential to reach $20 billion in the next five years. To realise this goal, the forum underlined key recommendations to two heads of states," the industry body said in its statement.

Post the meeting, the forum members called on Indian Prime Minister Narendra Modi and his Israeli counterpart Benjamin Netanyahu and the co-chair from both sides submitted a brief meeting outcome report to them for developing future course of economic engagements.

"It is a very exhilarating for me to share that during this historic visit of our prime minister to Israel, 12 MoUs are signed between Indian and Israeli companies," Ficci President Pankaj Patel said.

The CEOs from both sides also identified focus sectors for mutual collaboration that included agriculture, irrigation, water treatment, urban infrastructure, transport (including high speed railways and metro), pharma, life- sciences, digital technologies, IT and ITes, start ups and innovation and defence and homeland security.

Shraga Brosh, co-chair from the forum from Israeli side, said: "We have identified great business opportunities for Israeli companies in India in sectors such as transport infrastructure, including roads, railways, civil aviation and traffic management systems, smart cities, renewable energies, water and environment, automotive, food, naval and aerospace industries and defence."

During the forum meeting, Invest India promoted by the Ministry of Commerce and Industry shared that a dedicated desk has been set up in their organisation to promote Israeli investments into India and partnerships between India and Israel. It will act as a single-window agency providing comprehensive services for all Indo-Israel ventures.

Modi woos Israel Inc, touts reform measures

Prime Minister Narendra Modi on Thursday invited the Israeli industry to participate in 'Startup India' initiative, saying his government has done a lot to improve the ease of doing business and is positioning the country as a global manufacturing hub.

“We have resolved number of regulatory and policy issues facing businesses and firms,” Modi said at the launch of India-Israel CEOs’ Forum in Tel Aviv. Memoranda of understanding worth about $5 billion were signed during the prime minister’s visit.                                                                                                                                                                                                                PTI