PM Narendra Modi attends CEO forum; Indian, Israeli companies sign pacts worth $4.3 billion

New Delhi: Prime Minister Narendra Modi and and his Israeli counterpart Benjamin Netanyahu on Thursday attended the first meeting of India-Israel CEOs forum in Tel Aviv.

As many as 12 strategic pacts envisaging investments worth USD 4.3 billion were signed between Indian and Israeli companies at the first meeting of CEO forum in Tel Aviv today, according to Ficci.

"The forum identified and stressed on the need to realise opportunities in focus sectors identified during the first meeting of CEOs forum. There was a consensus that the current trade volume amounting to just over USD 4 billion has the potential to reach USD 20 billion in the next five years. To realise this goal, the forum underlined key recommendations to two heads of states," the industry body said in its statement.

Post the meeting, the forum members called on Indian Prime Minister Narendra Modi and his Israeli counterpart Benjamin Netanyahu and the co-chair from both sides submitted a brief meeting outcome report to them for developing future course of economic engagements.

The CEOs from both sides also identified focus sectors for mutual collaboration that included agriculture, irrigation, water treatment, urban infrastructure, transport (including high speed railways and metro), pharma, life- sciences, digital technologies, IT and ITes, start ups and innovation and defence and homeland security.

Talking trade, encouraging investments...Prime Ministers @narendramodi & @netanyahu at the CEO forum to boost economic ties. pic.twitter.com/Bzfongaluf

— PMO India (@PMOIndia) July 6, 2017

Ahead of the meeting, Shraga Brosh, President India-Israel CEOs forum, said, "The goal of the CEO forum is to increase the cooperation between the Indian and the Israeli businesses. We have identified a few sectors like agriculture, water treatment, healthcare, medical devices and others that we are sure we can reach a goal of 20 billion dollar."

"We have created six working groups dealing with each sector separately and experts from both sides will be part of this group," he added.

Eng. Amnon Ofen, member of the forum said that after Prime Minister Modi`s visit Indian investment in Israel would increase unlike earlier and would enable both sides to do mega projects and upgrade GDP of the Indian economy.

Meanwhile, Pankaj R. Patel, Deputy President of India-Israel CEOs forum said that 12 MoUS worth over 4.5 billion dollars have been signed between Israeli and Indian companies.

Both Israeli & Indian CEOs forum have joint declaration to work together in several sectors: Pankaj Patel, Dy Pres, India-Israel CEOs forum pic.twitter.com/rPFZD31LP0

— ANI (@ANI_news) July 6, 2017

"We expect a lot of business development between the two sides with an aim of reaching a business of 20 million dollars in the next five years," he added.

Prime Minister Modi is the first Indian Prime Minister visiting Israel. Earlier in the day, the Prime Minister along with his Israeli counterpart Benjamin Netanyahu paid homage to fallen Indian soldiers of World War I at the Haifa Cemetery.

With Agency Inputs