How Does Piyush Goyal’s Israel Visit Strengthen Bilateral Economic Ties?
Synopsis
Key Takeaways
- Piyush Goyal's visit marks a significant step in enhancing India-Israel economic relations.
- The signing of the Terms of Reference for the FTA is a major milestone.
- Strong industry participation was noted at the India-Israel Business Forum.
- Key discussions focused on technology, agriculture, and finance.
- The visit showcased India's potential as a partner for Israeli innovators.
New Delhi, Nov 25 (NationPress) Commerce and Industry Minister Piyush Goyal has successfully wrapped up a significant trip to Israel, where he engaged in a series of high-level discussions aimed at enhancing the strategic and economic partnership between India and Israel, as per an official announcement released on Tuesday.
This visit underscored the unwavering commitment of both nations to fortify economic connections, expedite technology-based collaboration, and broaden alliances in sectors of strategic relevance, signifying a pivotal advancement in the evolving India–Israel relationship, according to the statement.
Goyal’s visit, which took place from November 20 to 22, included bilateral discussions with three Israeli ministers, along with meetings with President Isaac Herzog and Prime Minister Benjamin Netanyahu.
During his discussions with Nir Barkat, Israel’s Minister of Economy and Industry, they explored the prospects of a Free Trade Agreement (FTA). A significant milestone was the signing of the Terms of Reference for the India–Israel Free Trade Agreement, a crucial step towards systematic negotiations aimed at achieving a balanced and mutually advantageous resolution. Conversations with Bezalel Smotrich, Israel’s Minister of Finance, delved into the potential for Indian enterprises in infrastructure and mining, as well as opportunities for Indian workers in Israel. Discussions with Avi Dichter, Israel’s Minister of Agriculture, focused on long-term food security, seed improvement technologies, and Israel’s leadership in agricultural water reuse.
Goyal also participated in the India–Israel Business Forum and the CEOs Forum, which attracted robust participation from industries on both sides, leading to over 250 B2B meetings. In his address, Goyal emphasized India’s vast potential for Israeli innovators and businesses, particularly in sectors like technology, agritech, water technology, defense, science and technology, fintech, artificial intelligence, quantum computing, pharmaceuticals, and space.
He also engaged with executives from leading Israeli firms such as Check Point, IDE Technologies, NTA, and Netafim, focusing on partnerships in areas like cybersecurity, desalination, wastewater management, urban mobility, and precision agriculture.
Goyal visited the Peres Center for Peace and Innovation, gaining insights into Israel’s globally recognized innovation ecosystem. He also witnessed an autonomous driving demonstration by Mobileye and explored Kibbutz Ramat Rachel to learn about Israel’s community-centric models for sustainable agriculture and rural development.
Accompanied by a delegation of over 60 Indian business leaders, Goyal connected with the diamond industry and the Indian community in Israel. His itinerary included visits to key cultural and historical landmarks such as the Israel Museum and the Indian Hospice.
Additionally, he undertook engaging site visits in Israel, exploring innovations at the Peres Center for Peace & Innovation, cybersecurity initiatives at Check Point, advancements in healthcare at Sheba Hospital, and sustainable farming practices during an agricultural visit.