Unlocking Potential: India-Israel Trade Relations Poised for Growth

India and Israel are poised to enhance their bilateral trade, which currently stands at USD 6.5 billion. Commerce Minister Piyush Goyal highlighted the potential for a 10x increase, focusing on sectors like deep tech and renewable energy. Both nations aim for significant economic collaboration.

India and Israel have identified significant potential for enhancing their bilateral trade, currently valued at USD 6.5 billion, with a goal to increase it tenfold in the coming years. Commerce and Industry Minister Piyush Goyal emphasized the opportunity for economic expansion on Tuesday.

According to Minister Goyal, areas such as deep tech, fintech, agritech, cyber security, defense, AI, water conservation, and renewable energy present substantial opportunities for collaboration. A 10x growth target is seen as achievable through partnerships in these sectors.

Bilateral trade figures have seen a decline from USD 10.77 billion in 2022-23 to USD 6.53 billion in 2023-24, while India has received USD 327 million in foreign direct investment from Israel. The discussions on a free trade agreement, stalled since 2013, are also poised for revival with renewed momentum.