From tech to trade, India-Israel ties enter new phase of ambition: Piyush Goyal

Tel Aviv [Israel], November 20 : Union Commerce and Industry Minister Piyush Goyal, leading a major Indian business delegation on his first official visit to Israel, underscored the rapidly expanding partnership between the two countries and highlighted the vast possibilities for collaboration in technology, innovation, and business.

Speaking in Tel Aviv alongside Israel's Minister of Economy and Industry, Nir Barkat, Goyal said he is optimistic that India and Israel can work together to "build a stronger future," driven by shared challenges, mutual trust, and deep cultural connections.

Addressing the India-Israel Business Summit at the start of his three-day visit, Goyal noted that neither country had anticipated such fast-growing engagement. The large Indian delegation accompanying him, he said, reflects how economic linkages between the two nations continue to gain strength.

He emphasized that both countries recognize the accelerating potential in sectors such as emerging technologies, agriculture, water management, life sciences, advanced manufacturing, and infrastructure.

Goyal traced India's economic journey over the decades, explaining how India repeatedly converted crises into opportunities, from emerging stronger after the 1998 nuclear-related sanctions to recording one of its fastest growth phases following the 2008 global financial crisis.

Even during the COVID-19 pandemic, he said, India was able to ensure food security and supply medicines and vaccines not only at home but also to many countries abroad. India has since re-emerged as the world's fastest-growing major economy and continues to surpass global growth forecasts.

Pointing to India's strong macro-economic fundamentals, including low inflation, robust foreign exchange reserves, and a healthier banking system, Goyal expressed confidence that India will outperform expectations for the next two to three decades. He reiterated his ten pillars of India's growth story: democracy, decisive leadership, demand, demographic dividend, diversity, digitalization, decarbonization, determination, development, and dependability.

Goyal described India and Israel as natural partners whose cooperation has steadily deepened since Prime Minister Narendra Modi's landmark 2017 visit to Israel.

While trade between the two nations has grown over the years, Goyal suggested that far more can be achieved, especially in sectors where both countries excel. He emphasized that expanding technological partnerships, encouraging innovation-driven collaborations, enhancing business-to-business engagement, and boosting cooperation in strategic areas such as agriculture, defence, water technology, and cyber security would unlock significantly higher economic potential.

The ongoing discussions on the proposed India-Israel Free Trade Agreement, he noted, offer another pathway to elevate trade and investment flows.

During the visit, Goyal will meet senior members of the Israeli leadership and hold sector-specific interactions with major companies involved in agriculture, desalination, wastewater treatment, cyber security, smart mobility, and infrastructure. He will also connect with Indian-origin business leaders and visit innovation hubs that showcase Israel's cutting-edge technological ecosystem.

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