India is a "top trading partner", Israeli President Reuven Rivlin said today, expressing hope that his visit here will pave the way for free trade pact (FTA) that will foster economic growth in both the nations.
Rivlin's assertion could provide fresh momentum to the conclusion of the FTA, which has remained elusive despite negotiations having begun more than six years ago. The First round of negotiation was held here on 26 May, 2010.
"I express here today an official Israeli hope that this visit to India will open the way to a full free trade agreement between our two countries and I am sure that the free trade agreement will boost our economies," Rivlin said.
He said the India-Israel trade "can and should grow even larger", adding, "We would like to see in the future more mutual investment and trade". Bilateral trade stands at around USD 5 billion.
The two countries have built a "powerful and strong" partnership and they must work together to make it even stronger, he said.
"I came here today to say loud and clear, India is a top trade partner for Israel," Rivlin said.
Pointing out that India has become the top global destination for foreign direct investment post the launch of the 'Make in India' campaign in September 2014, Rivlin said: "We have come here today to send a strong message. We are here to make in India, to make with India".
He added: "We are here to grow our economies together in full partnership for the benefit of all of us. The message should not remain an empty one. None is patronising the other side. We have to be together to bring better life to all our people."
Rivlin observed that over the past two years, trade relations between Israel and India have boomed thanks to the Modi Government.
Outlining the areas for bilateral cooperation, Rivlin said India can leverage Israel's expertise in water management through technological solutions and "greatly benefit" from it.
He said Israel can become an important part of the Clean Ganga project by applying its experience in waste water management.
Expanding the farmer exchange programme with India will help boost the efficiency of India's enormous food market.
Rivlin was addressing the 'India-Israel Economic Forum' organised by industry chambers Ficci, CII and Assocham.
Disclaimer: No Business Standard Journalist was involved in creation of this content
