Israel, India to further boost ties: PM Modi

Prime Minister Narendra Modi on Monday said India and Israel are ready to take their relationship to greater heights through mutual opportunities.

Addressing the India-Israel Business Summit here, Prime Minister Modi said, "I have always had a deep regard for Israel and its people. There is a new energy and purpose that has invigorated our ties over the last few years. It will help take our cooperation to greater heights. We stand on the cusp of a new chapter in India-Israel relations driven by our people and mutual opportunities for the betterment of lives".

He added that he had first visited Israel in 2006 as the Chief Minister of Gujarat.

"Last year in July, I visited Israel, the first such visit from India. I experienced the remarkable spirit of innovation, enterprise and perseverance that drives Israel. In India, we have been taking steady steps over three years at both macro as well as micro-level, to make a difference. Our motto is: Reform, Perform and Transform", he asserted.

Prime Minister Modi further said the India-Israel Innovation Bridge will act as a link between the start-ups of the two sides.

"I have been saying that Indian industries, start-ups and the academic institutions must collaborate with their Israeli counterparts to access the huge reservoir of knowledge. We want to do more and do better. To enable entry of capital and technology, most of the sectors including defence have been opened for the foreign direct investment (FDI). More than 90 percent of the FDI approvals has been put on the automatic route. We are now among the most open economies", he stated.

The Prime Minister added that along with the government and people, the business community of India is also keen to join hands.

"India's development agenda is huge. It presents a vast economic opportunity for Israeli companies. I invite more and more Israeli people, businesses and companies to come and work in India", he concluded.