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.