Israel's Netanyahu eyes further cooperation with India

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Six months back Narendra Modi became the first Indian Prime Minister ever to pay a state visit to Israel. The bonhomie between the two leaders was on display through the tour. In return, Netanyahu was quick to make an extensive trip to India.

The friendship between both the leaders has been visible since the start. Modi himself received Netanyahu in a departure from the protocol. The day, Monday, started with a guard of honor for the visiting PM followed by delegation level talks.

Netanyahu called Modi a revolutionary, and both spoke about historic ties. But currently, the bilateral trade between Israel and India stands at 4 billion dollars.

Israeli Prime Minister Benjamin Netanyahu shakes hands with his Indian counterpart Narendra Modi during a photo opportunity ahead of their meeting at Hyderabad House in New Delhi, India, on January 15, 2018. /Reuters Photo

Both leaders agreed that much more is needed to be done. India and Israel’s bilateral trade is mostly about diamonds and defense. But agriculture, innovation, and technology are few areas where both agreed that there is a need to do more.

Nine agreements were signed after the talks, including the areas of cybersecurity, transportation, film, homeopathy and space.

Israel will also invest 68.6 million US dollars in areas like tourism, technology, agriculture and innovation in the next four years. This is in addition to the India-Israel Industrial R&D and Technological Innovation Fund of 40 million US dollars over five years. But defense is a significant sector.

India's Prime Minister Narendra Modi speaks as his Israeli counterpart Benjamin Netanyahu looks on during a signing ceremony at Hyderabad House in New Delhi, India, on January 15, 2018. /Reuters Photo

Netanyahu’s visit is also a part of an effort to explore new markets around the world. India also needs investment and has massive market potential.

But Israel’s Rafael Advanced Defense Systems recently lost a deal to sell missiles worth 500 million US dollars to the Indian army. India is looking at co-production and technology transfer to India and setting up manufacturing base within the country.

Reports say, back-channel talks are on to revive the deal. But even if that does not happen, it will remain significant for India. It's the largest defense market for Israel and India buys weapons worth 1 billion US dollars from Israel annually.

“Israel is a fountainhead of innovation, it's a global force of technology. India abounds with creativity, with ingenuity, with scientists, with mathematicians and I think when we join our respective talents together, we can achieve tremendous things for our people,” said Netanyahu.

People-to-people contact is also on the list with both Prime Ministers agreeing that better friendship needs to be formed through people. An Indian Cultural Centre will open in Israel in 2018. Both the countries have also signed a Memorandum of Understanding in Film Co-production. Netanyahu would also be meeting Bollywood stars and producers during his visit to Mumbai.

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