Why in news?
India is hosting Israel’s Prime Minister Benjamin Netanyahu for a four-day visit.
What are the existing India-Israeleconomic ties?
- Over the last 25 years, bilateral trade between India-Israel has increased from $200 million to more than $4 billion (excluding defence) in 2016-17.
- Given India’s large market and huge consumer base, the numbers are low compared to India’s economic relations with other countries.
- Currently, India is the largest arms buyer from Israel, trade is to the tune of approximately $600 million.
- India signed a biggest weapon with Israel in 2017 for procuring advanced defence system of medium-range surface-to-air missiles, launchers and communications technology.
- MoU between India and Israel on the “India-Israel Industrial R&D and Technological Innovation Fund” was also approved by cabinet in 2017.
What are the significance of this meeting?
- Recently India voted in the UN General Assembly against recognising Jerusalem as Israel’s capital. Click here to know about the issue.
- Israel Prime minister visit comes despite New Delhi opposing Israel’s move to make Jerusalem its capital.
- A 130-member delegation is accompanying the Israeli prime minister, constituting businessmen from 102 Israeli companies.
- The impending visit clears apprehensions of a road block in India-Israel relations.
What are the areas to be discussed?
- Areas expected to discuss would be issues ranging from agriculture and water, to cyber security, healthcare and security.
- The primary focus of the accompanying delegation would be to boost economic ties between the two countries.
- Several MoUs are expected to be signed in the fields of oil, gas, renewable energy and cyber security, among others.
- Special emphasis would be given to boost the tourism sector so as to make both India and Israel a lucrative destination for tourists from both sides.
Source: Business Line
