Recent visit the joint statement post prime minister

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Recent visit: The joint statement post Prime Minister visit Narendra Modi’s visit to Israel – th e first by an Indian Prime Minister - elevated the relationship to a ‘strategic partnership’. In addition to defence and homeland security, it highlights other areas of science and technolgy, innovation, trade and investment . Of the MoUs signed, three pertain to space, two to water management and sanitation and one to agriculture . Gradually, Science and technology, agriculture, biotech and space emerged as new areas of cooperation . Water management and sanitation and agriculture: During the last three years, Israel has already set up 15 centres of excellence for introducing improved practices, particularly in horticulture and agro-processing . As a water-challenged state, Israel recycles 90% of its water, and 95% of sewage is processed for agricultural use, making it virtually a closed water cycle. Space: Three MoUs on space cooperation included one for Electric Propulsion for Small Satellites, and for the development of an optical link as well as cooperation on atomic clocks. Research: The fund of research and development, called the “I4F ” or India Israel Industrial Innovation Fund, will see both governments contribute $20 million to help research scholars manufacture their inventions easily. Economic: Commercial relations between the diamond traders in Gujarat and Israel had existed before 1992, but now annual trade grew from $200 million to nearly $5 billion with gems and jewellery accounting for nearly 40%. Tourism provided an impetus to people-to-people relations.
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45 | Page 9004418746 [email protected] Conclusion: It is worth remembering that during a visit to Beijing in March, Mr. Netanyahu had also described Israel’s relationship with China as ‘a marriage made in heaven’. An Israel-China comprehensive innovation partnership with an outlay of $300 million has been launched. Fortunately, there is enough content in the India-Israel relationship. GS II: BILATERAL – INDIA-ISRAEL 30. Boosting trade and investment ties found explicit mention in the India-Israel joint statement during Mr. Modi’s visit. To encourage bilateral investments, Mr. Modi and his Israeli counterpart, Benjamin Netanyahu, also agreed to conduct negotiations on a bilateral investment treaty (BIT). Is an India-Israel BIT possible? India-Israel trade and investment relations There is enormous potential for Israeli investment in fields such as renewable energy and water management (drip irrigation and desalination). Defence production, which is at the heart of the ‘Make in India’ campaign , is another area with significant potential for Israeli investment, a move that will help India save billions of dollars it currently spends on importing weapons from Israel.
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