Israel opened its Embassy in New Delhi in February and in May, India opened its Embassy in Tel Aviv. Since then, the bilateral relationship between the two countries has blossomed at the economic, military, agricultural and political levels.
India-Israel relations have seen a renaissance in recent years. The rapprochement of the relation is reflected in growing connections between the business sector in India and Israel. Furthermore, high-level officials from both sides have met each other in a never seen before ranking and frequency.
Israel's Prime Minister Benjamin Netanyahu visited India in January 2018 and met with the Hon'ble Prime Minister of India. This visit, which occurred about six months after the Indian PM visited Israel, marked 25 years of the establishment of diplomatic relations between the two countries.
In the last 20 years, India and Israel have signed a series of agreements to strengthen economic cooperation. From agreements to encourage and protect investments to space cooperation agreements, Israel and India are working hand in hand for the benefit of the two countries.
India has become one of Israel’s largest trading partners. Many of the world’s leading high-tech companies in Israel and India are forging joint ventures that are successfully competing in the international marketplace.
India's exports to Israel amounted to $3.36 bn while imports from Israel stood at $1.59 bn during 2019-20. Exports to Israel in the last decade have grown by 140%.
FDI equity inflows from Israel between April 2000 and March 2020 were reported at $204.04 mn, while inflow during 2019-20 stood to $31.25 mn.
As a result of a strengthened relationship between the two countries, the State of Israel and private universities offer scholarships to Indian students in the country. From undergraduate and graduate to doctoral and post-doctoral programs, a variety of universities throughout Israel seek to encourage Indian students to acquire their higher education in Israel.
Annual Conventions are hosted for the Indians living in Israel and the 'Know India' Programme has been effective in binding the Indians in Israel to their culture. Cultural influences are also reflected in the entertainment industry, from music artists to film producers, with cooperation between the two countries creating original content.
Since 2018, the Indian airline 'Air India' has begun operating direct flights from New Delhi to Tel Aviv. In addition, the company is considering opening another line that will connect Tel Aviv to Mumbai. This reflects a strong emerging connection between the two countries.
Invest in Israel, an arm of the Foreign Investments and Industrial Cooperation Authority, oversees the promotion of foreign investment and management offset in Israel. It is the one-stop-shop for potential and existing investors to identify lucrative investment opportunities, map potential obstacles and get fast-track and support projects.
Invest India is the National Investment Promotion and Facilitation Agency of India, constituted under the Department for Promotion of Industry and Internal Trade (DPIIT), Ministry of Commerce and Industry, Government of India. Invest India acts as the first point of reference for investors looking for investment opportunities in India.
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Israel is ranked 1st for Medical Device patents and 2nd for Medical Device solutions per capita.
World class automotive brands are turning to Israel to develop cutting edge auto parts and progressive design technologies to equip their latest models.
Israeli technologies are integrated into the world’s most advanced fighter aircraft, including the Lockheed Martin F-35 and F-16, the Boeing F-15 and F/A-18, the Eurofighter Typhoon, and more.
The Israeli High-Tech ecosystem is considered one of the world’s most innovative digital environments.
India has the 2nd largest armed forces and the 5th largest defence budget in the world.
India is the 3rd largest pharmaceuticals industry in the world by volume. The pharmaceutical industry was valued at $36 bn (2018-2019).
India is the world's largest BPM destination. The country is transforming into a digital economy with over 450 mn plus internet subscribers, the second-highest after China.
Healthcare industry in India comprises of hospitals, medical devices, clinical trials, outsourcing, telemedicine, medical tourism, health insurance and medical equipment. Healthcare industry in India is projected to reach $372 bn by 2022.
India is among the world's largest producers of Textiles and Apparel. Textile & garments industry in India is expected to reach $223 bn by 2021 from $140.4 bn in 2018.