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CII signs MoU with High Tech Industry Association of Israel Print E-mail
Written by Viswanath   
Thursday, 02 June 2011
New Delhi: The Confederation of Indian Industry (CII) has signed a memorandum of understanding (MoU) with High Tech Industry Association (HTIA) of Israel in Jerusalem on Wednesday.

Joint initiatives under the MoU will include yearly conferences in both the countries and promotion of cross border mergers and acquisitions (M&A). Innovations taking place in Israel will be offered to Indian companies giving them "first technology adopter and adapter" advantage.

The two sides will also work to establish a network that would bring investors and entrepreneurs closer and allow Indian companies to penetrate Israeli markets.

The MoU was signed from the Indian side by Chairman of CII’s Innovation Council, Naushad Forbes, and from the Israeli side by the Chairman of HTIA, Aaron Mankovski.

A CII delegation led by Dr Forbes who is also the Director of Forbes Marshall is at present in Israel meeting industry leaders, entrepreneurs, angel investors and incubators. The aim of the mission is to forge better linkages with technology industry in Israel which comprises many young innovative start-up companies.

Minister of State for Communications and Information Technology, Sachin Pilot, was the keynote speaker at a conference organized on the occasion where he exhorted Indian and Israeli industry to not only work at taking back the bilateral trade to its previous heights but also look at ways of reaching the next level. Trade between India and Israel stood at US$4012.5 million at the end of 2008 but dipped to US$ 2983.10 million in 2010 due to global recession.

A joint study group on India and Israel set up in 2005 had pointed out that “India’s large and rapidly expanding domestic market has many attractions for Israel. India’s relatively low manufacturing costs and proximity to the expanding East Asian economies affords opportunities for Israeli companies. For India, Israel could be a source of high-technology products as well as a base for exports to Europe and the US with which Israel has a Free Trade Agreement.”

Under the India-Israel Industrial R&D Cooperation initiative signed in May 2005, CII works with the Department of Science and Technology (DST) in implementing joint research projects. Major bilateral agreements with Israel include one on agriculture, signed in 2006, and one on health and medicine, signed in 2003.

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