Private businesses in India and Israel need to strengthen cooperation as both the nations have committed to building vibrant and strong hi-tech economies, Indian Ambassador to Israel Jaideep Sarkar has said.
As a top priority, the new BJP government in India - led by Narendra Modi - has outlined making the country a new manufacturing hub, he said.
India's hi-tech sector has many things to offer to its Israeli counterparts and vice versa, he added.
"While Israel has wowed the world with start ups they typically end too early with sell out and that doesn't create jobs. Israel also lacks manpower and has high-cost of developing things. India on the other hand has what Israel doesn't have - markets, manpower and manufacturing capacity", Sarkar said.
He said Indian entrepreneurs lack knowledge of Israel's start up economy and have also not demonstrated the same level of flexibility.
Pointing at the rise of new breed of Indian CEOs at global MNC giants like Microsoft, Sarkar noted that they do not necessarily come from top notch Indian institutions amply demonstrating the "depth and vitality" of the country's education system.
Israel's Chief scientist Avi Hasson said that his country can definitely tap the "vast talented, knowledgeable and motivated human capital available in India".
Hasson noted that his office has been constantly working at matchmaking and funding of joint projects which has to be expanded to strengthen the ties between the two countries.
"We have decided to deepen strategic ties with India. It will be a strategic partnership with well defined goals," he said.
Sabyasachi Dasmohapatra, CEO of Global Innovation and Technology Alliance (GITA) told PTI that five joint projects have so far availed the benefit of funds allocated by the two governments.
"Basically when an Israeli and an Indian company come together to do a project their investment comes to only one- fourth of the total project cost for each one of them. The Indian and Israeli governments take care of the rest," he said.
