Nir Barkat, the economy and industry minister for Israel, said that Israel aims to expand its economic and business connections with India beyond a free trade deal (FTA).
According to Barkat, who spoke to CNN-News18, Israel’s innovation in agrotech, food-tech, and producing food from the sea is well known. “I’m here to propose and to see how we could take it to the next step, not just free trade agreement, but actually do a lot of business development together,” Barkat said.
On the challenge that traditional employment are experiencing from cutting-edge technology, he remarked, “I’m here to also look at how we can focus on training and get more and more people interested in future jobs versus older jobs.”
Throughout the last several weeks, civil society organizations in Israel have denounced Prime Minister Benjamin Netanyahu’s planned judicial changes. After many weeks of strikes and rallies, the administration decided to put the reform plan on hold and has since suspended the measures.
The protests have hurt Israel’s reputation as a business-friendly nation, and in the wake of the demonstrations, international rating agency Moody’s cut Israel’s ratings. Former mayor of Jerusalem Barkat said, “Israel is a great democracy, and I’m really proud of our democracy.”
“The willingness of people to go to the streets because they value democracy. So, the potential is not going to alter; everyone who made investments in Israel in the past did so and profited greatly. Barkat compared the current wave of protests to the continuing demonstrations against pension changes in France or the 2016 Brexit rallies. “And I highly suggest people to look at Israel as one of the finest investments individuals can make in the world,” Barkat added.
In addition, according to Barkat, Israel has had more development with the US, the UAE, and India than it has with other nations. The I2U2 consortium includes the US, the UAE, Israel, India, and other nations. The I2U2 group of countries seeks to improve commerce and investment amongst group members.
“Our growth with the US, the UAE, and India is far higher than our growth with other nations. In addition to describing how government to government development has aided business and investment growth, Barkat said that the infrastructure of government to government promotion translates to more and more business and more commerce, which is beneficial.
The I2U2 group’s summit-level negotiations took place in July 2022, and in Abu Dhabi in February of this year, vice ministers from the group’s member countries convened. The representatives of the participating countries addressed possible collaborations in the areas of technology, energy, water, space, and food security.
Barkat said the $10 billion in commerce between India and Israel, which is projected to rise if both countries reach an FTA agreement, is continuing to grow as a result of the cordial relationship between Israeli Prime Minister Benjamin Netanyahu and Indian Prime Minister Narendra Modi.
The minister said that their compatibility resulted in the signing of several agreements between the two nations, particularly in the fields of defense and cutting-edge technology.
On a probable trip to New Delhi by Israel’s prime leader, the minister said he would advise Netanyahu to make arrangements as soon as possible. I’m going to see my prime minister, and I’ll invite you over immediately. In order to increase our chances of success and (explore additional) options for the future, I want to collaborate with your ministers, added Barkat.