Under Modi, Israel and India forge deeper business ties
India and Israel strengthen their business ties
Last September, the Prime Minister of Israel, Benjamin Netanyahu took out time for a very important meeting. This happened when the UN General Assembly was in session in New York. This time was set aside to meet Narendra Modi, the Prime Minister of India. Since the time when Modi came into power, the ties between India and Israel are strengthening further with several technology and defense deals being signed between these two countries. These deals are paving way for ever burgeoning political and commercial relationship.
In the same month when both country heads were meeting to discuss various issues during UN meeting, the long delayed Israeli missiles purchase was cleared by the Modi’s cabinet. India also signed a deal to but anti-tank missiles from Israel at $520 million in October. Quite recently, a major trial was passed by an aerial defense system developed jointly by the countries. This momentous occasion has been considered as a milestone by India. According to the Economy Minister of Israel, Naftali Bennett, the ties between the two countries is witnessing an unprecedented momentum in economic and defense fields.
India has now emerged as the largest buyers of military equipments sold by Israel, while after Russia; Israel has emerged as the largest customer in India. The bilateral trade between the two countries achieved the target of $3.4 billion, in just the first few months of the year 2014 which is a record target this year.
Though, as per global terms, this may not be too vast, but it has surely pushed Asia to marginally overtake the United States as the largest export market of Israel after the EU or European Union. India is surely but steadily catching up with China by purchasing more cyber security and defense technology from Israel. This area was quite limited for China as the US did not entertain the idea of Israel dealing with Beijing too freely in defense related matters. India-Israel relationship is not new; it has been going strength by strength since the year 2006 when Narendra Modi was Gujarat’s Chief Minister. This relationship is expected to see further improvements with Modi at the helm of the affairs.
Source: Business Line
Benjamin Netanyahu, Economy Minister of Israel, Naftali Bennett, Narendra Modi, UN General Assembly
