Thirty local companies from various sectors are scheduled to leave for India next week aiming to penetrate a large market that is reportedly keen to do business with the Israeli delegation.
"The Indian market, with a scope of around $225 billion, is waiting for Israeli exporters," David Arzi, chairman of the Israel Exports Institute, said Tuesday.
The delegation, organized by the IEI and headed by Minister of Industry, Trade and Labor Eli Yishai, will leave on Sunday for a four-day visit that will include a meeting with India's Minister of Commerce and Industry Kamal Nath to discuss advancing joint projects between Indian and Israeli companies in the fields of agriculture, IT, telecommunications, biotechnology and water technology.
The two ministers will discuss the possibility of signing a trade agreement to improve trade between the countries, Israel's Ministry of Industry, Trade and Labor said. The IEI noted that it is planning to sign cooperation agreements with different Indian business group including the Confederation of Indian Industry.
Such agreements will aim at further boosting trade between the two countries after it grew 15% to $2.4b. in 2005. The ministry reported that Israeli exports to India grew 17% to $1.191b. last year, with diamonds and precious stones taking 67% of the sales, communications equipment 18%, chemicals and plastic products 11% and medical equipment 2%. Imports rose 8% rise to $1.215b. comprised 69% of diamonds and precious stones, 9% chemicals and plastics products and 9% textile related products.
The IEI said approximately 950 Israeli companies were currently active in India, of which 100 started operations there in the last year.
The delegation will include representatives from Alvarion, Tadiran Communications, Bank Hapoalim, A&G Partners, Gaon Agro Technologies and others.