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The government of Israel wants India to partner with it on big data, connectivity and artificial intelligence, moving beyond traditional sectors.
On the second day of his visit, Israeli Prime Minister Benjamin Netanyahu said technology was the way forward and the emergence of these sectors out of nowhere within the past few years was proof. He was speaking at the India-Israel Business Summit, where Prime Minister Narendra Modi also spoke.
Israel is known globally as a hub for high-tech manufacturing and services. Currently, Israel has about $130 million worth of investment in India, mostly in agricultural technology and cutting-edge manufacturing. Both governments have said they expect to branch into areas such as cyber security, digital analytics and robotics.
"Given the scale of our economy and the cutting-edge nature of Israeli technology, even the sky is not the limit," said Modi. To this end, an India-Israel technology summit is to be held in July, both leaders disclosed.
Also, both are expected later this week to jointly inaugurate iCreate, a campus set up in Gujarat as an incubator for high-tech processes.
Netanyahu stressed that investments in both nations needed less of red tape. "Bureaucracy is a tremendous opportunity for both our nations," was the way he put it, adding that by removing it, you can have immense growth.