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India-Israel bilateral trade likely to reach $4 bn this year

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Based on him, each the nations want to see the commerce relationship evolve and develop even greater, and there’s a lot of potential for it.

The commerce between India and Israel has been sturdy and is prone to attain USD 4 billion in 2021, Sagi Itcher Financial Consul, Head of Financial and Commerce Mission, Israel, mentioned.

“For 2020, it (bilateral commerce between the 2 nations) was virtually USD 3.4 billion. In 2021, I’m assuming it is going to be round USD 4 billion,” Itcher mentioned on Wednesday.

He, nevertheless, mentioned the precise quantity will probably be identified as soon as the yr ends.

Itcher was talking on the sidelines of an occasion organised by the Ministry of Economic system and Business, International Commerce Administration and Financial and Commerce Mission, Israel and CII.

Based on him, each the nations want to see the commerce relationship evolve and develop even greater, and there’s a lot of potential for it.

One of many areas the place the 2 nations can strengthen cooperation is monetary expertise, Itcher famous.

He mentioned India has an enormous variety of digital funds and there’s an additionally insurance coverage trade, which is evolving day-after-day.

“Insurance coverage firms have to handle a number of information and Israel firms can come very useful on that.” The normal sectors the place each the nations are working collectively embrace cyber safety, water, agriculture, medical machine and medical care.

Going ahead, the 2 nations can collectively work on cleantech, renewal vitality and meals tech, he mentioned.

The amount of India’s investments into Israel could be very low, and there’s a lot of scope for enchancment, Itcher added.

He mentioned Israel is powerful on the expertise entrance and steered that Indian firms can undertake them.

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