Israel seeks collab with India Inc, startups; aims to hire Indian workers

"We are looking at opportunities across all sectors and would like to import labour from India -both skilled and unskilled"

As Israel and India work on deepening their trade relations, a high-profile delegation of Israeli chief executives, led by that country’s economy and industry minister, Nir Barkat, is scheduled to visit India in January. Similarly, a delegation of Indian CEOs led by Commerce and Industry Minister Piyush Goyal will visit Israel shortly afterwards.

 

Bilateral trade between India and Israel, excluding defence, stood at $6.53 billion in 2023-24 — while India’s exports were to the tune of $4.52 billion, Israel’s were at $2 billion.

 

Minister Barkat, who is on a whirlwind visit to India at present, told Business Standard in an exclusive interview that the reciprocal visits of top CEOs of both countries would aim to promote businesses by leveraging the strengths of the two countries.

 

“I am truly amazed by the significant strides the Indian business community has made. Many Indian businesses are now creating global opportunities and playing a pivotal role on the world stage. As India continues to scale its economy and expand its local market, it has become an increasingly attractive destination for collaboration and investment. When it comes to partnerships, Israel is particularly focused on the Indian information technology (IT) sector and its vibrant startup ecosystem,” Barkat said.

 

The Israeli minister, who met representatives of IT firms like Tata Consultancy Services and Tech Mahindra, and cybersecurity firm 63 Moons, in Mumbai on Wednesday, highlighted that collaborations could range from simple sales and marketing tieups to sharing of intellectual property (a key strength of Israel’s) and even Indian firms investing in Israel-based startups.

 

“Being a small country, we have adopted a cluster approach,” Barkat explained.

 

“We have identified key areas where Israel excels, combining our strengths in academic research, infrastructure, and industry within these clusters. This approach makes collaboration much more streamlined and effective.”

 

The six key clusters that Israel has identified for collaboration are high-tech, life sciences & healthcare, advanced manufacturing, defence & cybersecurity, agro-foodtech, and desert & climate technologies.

 

Currently, Israel boasts over 10,000 startups. Of these, around 1,600 startups — the most in a country after the US — are in the life sciences and healthcare sector alone. Similarly, Israel remains a global leader in defence & cybersecurity.

 

“Indian Prime Minister Narendra Modi’s support for President Benjamin Netanyahu (of Israel), and now the economy minister’s India visit, resonates very well in the hearts of Israelis,” said Barkat.

 

Asked whether India and Israel would sign a free-trade agreement, he said both India and Israel were looking at cooperation beyond a trade agreement. “We are looking at opportunities across all sectors and we would like to import labour from India – both skilled and unskilled. We have 12,000 Indians working in Israel now. We are planning to offer jobs to people from friendly countries like India. We would like about 200,000 Indians to work in Israel. The average annual salary in Israel is about $54,000 and we would welcome Indian workers to join us across various fields. We provide excellent opportunities,” Barkat said.

 

On Adani’s investment in Israel's Haifa port, Barkat said Israel would protect all investments made by Indian companies in Israel, including those by Adani.