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Market News
Israeli foreign minister likely to visit India in March.
Mar 10, 2023
Israel’s Foreign Minister Eli Cohen is likely to visit India in March, according to persons aware of the matter. This is among Cohen’s first foreign visits after taking office as Israel’s top diplomat in late December last year.
Cohen’s visit, the people cited above said, will focus largely on economic and trade relations between India and Israel. Particular focus will be paid to the bilateral innovation and technology partnership as well as cooperation on agriculture. While defence ties remain a key feature of bilateral talks, the visit of Defence Minister Benny Gantz to India in June last year will mean that the Israeli Foreign Minister will largely focus on economic ties during his time in India.
Queries to the Indian Ministry of External Affairs and the Israeli Foreign Minister’s Office remained unanswered at press time.
The visit comes at a high point for bilateral ties, which has seen New Delhi and Tel Aviv co-operate closely on Middle-East policy, multilateral platforms like I2U2 and defence.
Trade, technology and innovation has been a particular focus of the partnership in recent years. According to figures from India’s foreign ministry, trade expanded from USD 200 million in 1992 to USD 4.66 billion in 2020-21. Investment promotion agency Invest India now estimates that bilateral trade stands at USD 7,86 billion.
'India is Israel’s third-largest trade partner in Asia and seventh largest globally. In recent years, bilateral trade has diversified into several sectors such as pharmaceuticals, agriculture, water, IT and telecom,' according to the Ministry of External Affairs.
Technology investments by Israeli firms in India run the gamut from information technology and cybersecurity to resources like water. Both countries also established the USD 40 million India-Israel Industrial R&D and Technological Innovation Fund (I4F) fund to be run by the Indian Department of Science and Technology (DST) and the Israel Innovation Authority.
Defence has also been a particular focus of bilateral ties. India’s defence purchases from Tel Aviv have run the gamut from missiles and radar systems to unmanned aerial vehicles and air defence systems; India and Israel jointly developed the Barak-8 air and missile defence through Israel Aerospace Industries and India’s DRDO.
While incumbent Prime Minister Benjamin Netanyahu has long been a votary of closer ties with India, his government has been rocked by massive instability in recent months following its controversial attempt to curtail the powers of the judiciary. Israeli civil society has been up in arms about the Prime Minister’s attempts to reduce the Supreme Court’s ability to strike down laws it deems unconstitutional.
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