Narendra Modi’s maiden visit to Israel has clocked and locked deals and has firmed up economic ties with the technologically advanced and innovation-driven nation Israel.
Narendra Modi Israel visit boosts defence, tech stocks; Reliance Defence, Bharat Forge among gainers
Israeli counterpart Benjamin Netanyahu announced the establishment of a $40 million innovation fund to promote technological cooperation between India and Israel.
Narendra Modi said in Israel that it was a “singular honour” to be the first sitting prime minister of India to visit the country.
India is a major purchaser of Israeli arms. This year, Israel’s state-owned Israel Aerospace Industries announced over $2 billion in contracts to provide air and missile-defense systems to India.
The two sides are expected to announce strategic partnerships in areas including water, agriculture and space technology during Modi’s visit
India is now Israel’s biggest arms market, buying weapons at an average of $1 billion each year.
Eli Alfassi, executive vice-president of marketing at state-owned Israel Aerospace Industries (IAI), the country’s biggest defence firm, said it was supplying India with drones, radar, communication systems and cybersecurity
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