Trade between Israel, India up 2,000% since countries established diplomatic relations

 

Israel now exports to India a total $1.15 billion, up from $200 million in 1992.
• Israel’s Economy minister: India is a major export destination for Israel.

 

By Hezi Sternlicht

 

Bilateral trade between Israel and India has risen by some 2,000% since the two countries established diplomatic relations in 1992, growing from $200 million in 1992 to $4.17 billion in 2016, the Economy and Industry Ministry said Tuesday.

In a special report on Israel and India’s trade ties, issued ahead of Indian Prime Minister Narendra Modi’s historic three-day visit to Israel next week, the ministry said that Israeli exports to India have grown by 60% over the past decade. Modi is expected to be accompanied on his visit to Israel by a delegation of some 100 business representatives.

Air India One, a Boeing 747-437, used by President of India – Photo: José Luis Celada Euba/Wikimedia Commons

In 2016, Israeli exports to India totaled $1.15 billion (not including diamonds), a dip of 13%, from 2015, when they totaled $1.3 billion. The 2015 figure was 21% higher than the previous year.

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“India is a major and important export destination for Israel,” Economy and Industry Minister Eli Cohen said. “Bolstering the political relations with India and the Indian prime minister’s historic visit to Israel will lead to an increase in trade beyond defense exports.”

In 2016, India ranked as the ninth most important export target for Israel. This has been attributed to increasingly warm bilateral relations between the two countries, which now collaborate closely on projects in the fields of defense, agriculture, science, health, information technology and telecommunications.

 

View original Israel Hayom publication at:
http://www.israelhayom.com/site/newsletter_article.php?id=43437

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