US$ 4 bn jump expected in India-Israel trade

“The trade between India and Israel has been strong and is likely to reach USD 4 billion in 2021”, Sagi Itcher Economic Consul, Head of Economic and Trade Mission, Israel, said. He was speaking on the sidelines of event organized by Ministry of Economy and Industry, Foreign Trade Administration and Economic and Trade Mission, Israel and CII. In the year 2020 the trade was almost USD 3.4 billion, so the rise in trade is expected to be USD $4 billion. The exact numbers are not still known and will be out by year end. He mentioned, a lot of potential is seen between the two countries. Both countries would want to see the trade relationship evolve and grow even bigger. 

The sector where the countries can strengthen cooperation is Financial Technology, Itcher said. India has a huge number of digital payments and there is also an insurance industry, which is evolving every day. India has a huge data in insurance sector and Israel has potential to manage the data. He further added that, Israel is strong on the technology front and suggested that Indian companies can adopt them

The sectors in which both countries are trading currently includes cyber security, water, agriculture, medical device and medical care.He mentioned the sectors where both countries can expand together includes a range of products, cleantech, renewal energy and food tech. He added there is a lot of scope for improvement in the volume of India’s investments into Israel. The investments of India are currently very low in Israel.

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