Gujarat looks to tap Israeli investors
A business delegation from Gujarat has appealed to the Israeli business community to partner with the Indian state, bringing out its relative strength as an investment friendly destination.
Speaking at a seminar attended by senior executives of leading Israeli companies, the leader of the 11-member Gujarat delegation, Mukesh Kumar, the managing director of Industrial Extension Bureau, presented the major achievements of the state in various sectors calling upon Israeli businesses to participate in the Fifth Vibrant Gujarat Global Summit to be held on 12-13 January, 2011, to identify scope of partnership.
"While our national economy is growing at 7.2 per cent, Gujarat's annual rate of growth has been consistently in excess of 10 per cent. "The progressive steps taken by the state to maintain its leadership position is reflected in all the important sectors," Kumar told Israeli businessmen.
The senior official also emphasised on the possibility of cooperation between various Israeli and Gujarati institutes of learning, calling upon for exchange programmes, as the state is putting special emphasis on imparting quality education.
Sujit Ghosh, first secretary at the Indian embassy in Tel Aviv, highlighted the remarkable progress made by the two sides in enhancing bilateral trade, which is likely to hit the $5 billion mark in 2010 as per available trend.
Officials from the two countries have also started discussions towards signing a Free Trade Agreement. Several Israeli businesses expressed interest in participating in the Vibrant Gujarat Global Summit with their senior executives enquiring about state government policies in various sectors.
Several questions were asked by participants regarding Gujarat's solar policy, which has generated more interest among investors than the Central government's Jawaharlal Nehru National Solar Mission, which is offering more attractive terms for investors.
India has leaped to become Israel's second largest export destination, only next to close ally the US, as the Jewish state focuses at tapping potential in the Asian markets.
As per the figures provided by Israel's Export and International Cooperation Institute, India jumped from the eighth position to second as the favoured destination for Israeli exports in the first half of 2010.
India and Israel have registered phenomenal growth in bilateral trade starting from humble figures of $200 million in 1992 when diplomatic relations were established between the two countries and approaching the $4 billion mark in 2008, with still room for improvement.
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