Piyush Goyal Extends Invitation to Israeli Firms for Investment in India
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Synopsis
The Indian government has called upon Israeli businesses to invest in the country, highlighting significant opportunities arising from India's expanding demand potential. Union Minister Piyush Goyal emphasized India's robust market and the potential for collaboration between India and Israel in various sectors.
Key Takeaways
- Piyush Goyal invites Israeli firms for investment.
- India's demand potential is set to grow significantly.
- 10 Ds defining the India opportunity highlighted.
- Israel's entrepreneurial strength noted.
- Mutual investment agreement could be signed soon.
New Delhi, Feb 11 (NationPress) The Indian government has officially invited Israeli businesses to make investments in India, as the country's rapid expansion in demand potential presents significant business prospects.
During his address at the India-Israel Business Forum, Union Minister of Commerce and Industry, Piyush Goyal, stated that demand is the essence of the India narrative.
“Identify any other nation globally where you might sell 250 million washing machines within the next 10-15 years, or 250 million refrigerators, televisions, or smartphones. That’s the demand potential India offers,” he informed attendees.
Goyal underscored that over the past decade, the government has prioritized enhancing the country's macroeconomic foundations with a significant focus on advancing infrastructure to ensure economic growth reaches every region.
He emphasized that India has a vast domestic market comprising 1.4 billion people.
Goyal elaborated on the ‘10 Ds’ that characterize the India opportunity – democracy, demographic dividend, diversity, digitalization, decarbonization, diligence, development, dependability, decisiveness, and demand.
The minister reiterated India’s reliability as a partner to Israel, affirming that the country consistently honors its commitments. He further highlighted the demand potential of India, which has been experiencing rapid growth and is poised to continue this trajectory.
Labeling India and Israel as natural allies, he noted that due to India’s expansive demand growth, Israel has numerous opportunities for investments ranging from technology to appliances.
Goyal mentioned that India possesses a robust judicial system and noted that the young population will provide a substantial workforce in the coming decades.
He also pointed out the Centre's initiatives aimed at public welfare over the years, yielding rich dividends. The nation stands on solid macroeconomic foundations, equipped to endure challenges such as Covid, war, and turbulent geopolitical climates, he stated.
Israel’s Minister of Economy and Industry, Nir Barkat, indicated that a mutual investment agreement could soon be established between the two nations.
“We are also exploring ways to support investments in infrastructure and companies that align with the ‘Make in India’ initiative, consistent with Prime Minister Modi’s strategy. This is a rational move for Israeli businesses,” Barkat remarked.
The Israeli minister highlighted that with more than 10,000 startups, Israel ranks among the most entrepreneurial nations globally. “We specialize in classic high-tech, agro-tech, food-tech, aqua-tech, desert-tech, and climate change sectors. We are highly proficient in defense, homeland security, and advanced industries. These business sectors are highly relevant for India,” he added.
Israel’s Ambassador Reuven Azar announced at the Summit that the Israeli government will formulate a protocol to offer infrastructure tenders to Indian companies.
Azar also suggested signing a mutual investment agreement between the two nations as early as next month.
From April 2000 to September 2024, India attracted $327 million in foreign direct investment (FDI) from Israel.
