Friday, February 19, 2010

Jyotiraditya Scindia meets Israel President – discusses possibilities of developing further cooperation

Shri Jyotiraditya M. Scindia, Minister of State for Commerce & Industry presently on a two day (16-18 February) visit to Israel, called on President Shimon Peres and discussed various aspects of India-Israel bilateral cooperation. Shri Scindia stated that the proposed free trade agreement between India and Israel is expected to give a major boost to trade and economic cooperation. Shri Scindia also discussed possibilities of developing further cooperation in high tech areas including IT, Bio-technology, and Nano technology to take advantage of mutual core competencies. The two sides also exchanged views on the global challenge posed by terrorism and ongoing cooperation between the two countries in the area of homeland security. Both the leaders agreed to emphasise on cooperation in the application of science & technology particularly in areas related to agriculture and water management.

Later, Shri Scindia met Israeli Minister of Industry, Trade & Labour Mr. Benjamin Ben-Eliezer. The Minister underlined the fact that R&D constitutes a fundamental basis for core competence in multiple industrial areas for both countries. Shri Scindia proposed that a practical step to enhance high tech cooperation would be to set up a Government to Government joint technology incubator initiative in India with representation from both sides including the private sector.

He also met leading Israeli industrialists to discuss promotion of trade and commerce between the two countries and delivered a Keynote Address on “Indian Economy in the Next Decade – an Engine for Growth” at a seminar jointly organised by the Israeli Export and International Cooperation Institute and the Embassy of India.

The bilateral trade figure for the last fiscal (2008-09) was US $ 3.55 billion with exports from India amounting to US $ 1.5 and imports to India amounting to US$ 2.09 billion. Bilateral trade increased at a compound annual growth rate of 15 percent over the last five years.

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