Israel-India trade to touch 5 billion dollars in 2 years

Shimla, May 16 (UNI) Bilateral trade between Israel and India is expected to double within the next two years.

''Business between the two countries would touch five billion dollars from the present 2.7 billion dollars in the next two years,'' Israel embassy spokesman Lior Weintraub said while addressing a press conference here today.

He said bilateral trade, which was mainly in diamonds, high technology and agri-business, was set to double once the terms for a free trade agreement were worked out.

''There is a tremendous scope for collaboration in agriculture, water management and defence, where Israel had achieved excellence,'' Mr Weintraub said.

He said cooperation in Information Technology (IT), both hardware and software, was another area that could be of mutual interest to both the countries.

Only recently, Israeli company Teva had entered into an agreement with Gujarat Ambuja for setting up a chain of multi facility healthcare institutes in Kolkata city, he said.

The Israeli official said this investment could go up to 500 million dollars, which would be by far the largest by an Israeli company in India.

He said of the 40,000 Israeli tourists that visit India each year, more than 20,000 come to Himachal Pradesh.

To increase people to people contact between the two countries, the Israeli Government would try sending people who could work for community programmes in the hill state and elsewhere, he added.

UNI