Modi invites Israeli companies to invest, says India presents ‘vast economic opportunity'

The Prime Minister said that his government has taken steady steps in the last three years, both at micro and macro levels, to make India investor friendly.

Making a strong pitch to the Israeli companies to invest in the country, Prime Minister Narendra Modi on Monday said that India has now become one of the most open economies in the world. Speaking at India-Israel CEOs forum in Delhi, Modi said that his government's motto is to "reform, perform and transform".

"India-Israel Innovation Bridge will act as link between Start-ups of the two sides. I have been saying that Indian Industries, start-ups and academic institutions must collaborate with their Israeli counterparts to access the huge reservoir of knowledge," he said.

The Prime Minister said that his government has taken steady steps in the last three years, both at micro and macro levels, to make India investor friendly.

"We want to do more and better. To enable entry of capital and technology, most of the sectors including defence, have been opened for FDI. More than 90 percent of the FDI approvals have been put on the automatic route. We are now among the most open economies," he added.

Modi addressing India-Israel CEOs forum

Israel's Prime Minister Benjamin Natanyahu earlier said that both countries can shape the future together. Netanyahu thanked Prime Minister Narendra Modi for extending "magnificent hospitality" to him.

"There is not going to be anymore distinction between high tech & low tech because at the end everything is going to be technology...In the last 5-10 years we have car industries. We have 500 startup companies that receive $ 500 bn investment every year," he said at India-Israel CEOs forum in Delhi.

Modi and Netanyahu at India-Israel CEOs forum

"You have brilliant people in India. We have brilliant people in Israel. What we can do, is shape the future together. I believe in India. I came here to say today thank you PM Modi for believing in Israel, we believe in India," the Israeli PM added.

Netanyahu thanks Modi for hospitality

Prime Minister Narendra Modi earlier on Monday held delegation-level talks with his Israeli counterpart Benjamin Netanyahu during which they discussed a range of key issues including defence, trade and terrorism.

India-Israel CEOs forum in Delhi

India and Israel signed MOU on - cooperation in oil and gas sector, a protocol on amendments to air transport agreement, agreement on film co-production, field research in homoeopathic medicine, cooperation in the field of space, letter of intent to invest in India, cooperation in metal battery and cooperation in solar thermal energy.

Netanyahu, who is on six-day visit to India, was accorded a ceremonial welcome at Rashtrapati Bhavan on Monday.

(images courtesy - ANI/Twitter)

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