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New Delhi: work in progress India and Israel India’s ambassador to Israel, Sanjeev Singla, said the conclusion of free trade agreements and enhanced air connectivity is expected to boost trade and commerce.
Meanwhile, India, Israel and the United Arab Emirates (UAE) can leverage on each other’s strengths to enhance economic competitiveness, Singla said in an interaction with a joint India-UAE business mission.
“Discussions on a free trade agreement between India and Israel will lay the groundwork for expanding bilateral trade,” Singhra said.
“Also, we are also working on enhancing direct air connectivity from Israel to cities in India, which should be a welcome development for the business community.”
India is currently Israel’s second largest trading partner in Asia.
Greater trade between Israel and the UAE would also benefit Indian companies, Singla said, as many Indian companies already have bases in the UAE or manufacturing units there in the form of joint ventures or special economic zones (SEZs).
These units are located in the fields of cement, building materials, textiles, engineering products and consumer electronics.
Highlighting areas of cooperation, Singhella said: “We have been trying to encourage joint investment in six mutually identified areas – water, energy, transport, space, health and food security.”
He added: “Israel’s strengths in niche technologies, India’s large size and depth of its economy, its human resource pool and manufacturing scale, and the UAE’s capabilities in logistics and investment are important not only to our economy but to the region as a whole. are complementary.”
Mohamed Al Khaja, UAE Ambassador to Israel, who also participated in the interaction, highlighted the growing relationship between the UAE and Israel, saying, “Since the signing of the CEPA (Comprehensive Economic Partnership Agreement) with Israel, there has been a lot of Companies of great interest in both countries can take advantage of the opportunities that arise while taking people-to-people relationships to another level.”
The joint business delegation included 45 Indian members and 10 UAE members. Rajan Navani, head of the Indian delegation and managing director of Jetline Industries, highlighted the positive outcomes of the growing relationship between India and Israel.
“Israel has made a strategic decision to strengthen its economic relationship with India. This has facilitated the expansion of Indian software giants in the Israeli market,” he said. Bilateral trade has diversified to include pharmaceuticals, agriculture, IT and telecommunications, and homeland security, he said.
India and the UAE signed CEPA in February, breathing new life into already strong cooperation in trade and energy. India, Israel and the UAE have been working to strengthen their trade and investment ties, including linking them to the US through the I2U2 group.
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