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.
India and Israel mark 30 years of full diplomatic relations. Hon'ble Prime Minister of India Narendra Modi visited Israel in 2017 and met with Israel's PM followed by the visit from Israel's PM in January 2018.
In the last 30 years, India and Israel have signed a number 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.
/*-->*/ An MoU has been signed between Israel's Start-Up Nation Central and India's International Centre for Entrepreneurship and Technology (iCreate) to initiate a bilateral program to accelerate innovation and technology cooperation.
Agreement on Health Cooperation: On 21 December 2020, India and Israel signed an Agreement on Cooperation in the fields of Health and Medicine. The Agreement includes sharing of expertise for facilitating climate-resilient infrastructure & expediting cooperation in exchange & training of medical doctors & other health professionals, assistance in the development of human resources & setting up of health care facilities. The Agreement will also facilitate the exchange of information regarding the regulation of pharmaceuticals, medical devices and cosmetics. India and Israel also continue to support and cooperate in dealing with the Covid-19 pandemic
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.
As of 2019-20, the total trade between the two countries stood at $4.95 bn with exports from India accounting for over 67% and imports from Israel accounting for roughly 33%.
FDI Inflows from Israel between April 2000 and December 2021 were reported at $263.82 Mn.
Industrial and R&D Cooperation. An MoU, with a contribution of US$ 20 million from each side over 5 years (2018-2022), is playing an important role in enabling Indian and Israeli enterprises to undertake joint industrial R&D projects in priority technology sectors such as agriculture, water, energy, healthcare and ICT. The eighth round of Call of Proposals under the I4F was concluded in February 2022
Indian Potash limited (IPL), under Department of Fertilizers, Ministry of Chemicals and Fertilizers signed an MoU with Israel Chemicals Limited (ICL) for the supply of Muriate of Potash (MOP) for the period 2022 to 2027 with a yearly quantity of 6 to 6.5 LMT in the presence of Dr. Mansukh Mandaviya, Union Minister of Health & Family Welfare and Chemicals and Fertilizers on 21 March 2022 in Nirman Bhawan, New Delhi.
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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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.
World class automotive brands are turning to Israel to develop cutting edge auto parts and progressive design technologies to equip their latest models.
Israel is ranked 1st for Medical Device patents and 2nd for Medical Device solutions per capita.
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.
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 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.
India is the 3rd largest pharmaceuticals industry in the world by volume. The pharmaceutical industry was valued at $36 bn (2018-2019).
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.