Piyush Goyal invites Israeli firms to invest in India's growing market
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Union Commerce and Industry Minister Piyush Goyal and Israel's Minister of Economy and Industry Nir Barkat at the India-Israel Business Forum in New Delhi.
New Delhi: Union Minister of Commerce and Industry Piyush Goyal has extended an invitation to Israeli companies to invest in India, emphasizing the country's rapid economic growth and vast market potential. Speaking at the India-Israel Business Forum, Goyal underscored that India’s expanding demand presents immense business opportunities across various sectors.
"Show me any other country in the world where you can sell 250 million washing machines, maybe in the next 10-15 years, or 250 million refrigerators, television sets, or smartphones. That’s the demand potential that India has,” Goyal remarked. He highlighted the government’s decade-long efforts to strengthen India’s macroeconomic fundamentals, with a particular focus on infrastructure development to ensure economic prosperity reaches all corners of the country.
With a domestic market of 1.4 billion people, India stands as a significant opportunity for global investors. Goyal outlined ‘10 Ds’ that define India’s investment potential—democracy, demographic dividend, diversity, digitalisation, decarbonisation, determination, development, dependability, decisiveness, and demand. He emphasized India’s reliability as a business partner, stating that the country has a track record of fulfilling its commitments. He also stressed that India’s demand-driven economy continues to expand rapidly, making it an attractive destination for foreign investments.
Calling India and Israel natural allies, Goyal pointed out that Israel has significant investment opportunities in various sectors, including technology and consumer appliances, due to India's surging demand. He further assured investors that India has a strong judiciary to support business operations and that the country’s young demographic will provide a robust workforce for decades to come.
Goyal also highlighted the Indian government’s sustained efforts in public welfare, which he said have resulted in strong macroeconomic fundamentals. India has demonstrated resilience in the face of global challenges such as the COVID-19 pandemic, geopolitical conflicts, and economic uncertainties, he added.
Israel’s Minister of Economy and Industry, Nir Barkat, welcomed the prospect of deeper economic ties between the two nations and suggested that a mutual investment agreement could soon be formalized. He expressed Israel’s interest in investing in India’s infrastructure and supporting the 'Make in India' initiative, which aligns with Prime Minister Narendra Modi’s vision for domestic manufacturing.
Barkat noted that Israel, with over 10,000 startups, is a global leader in innovation and entrepreneurship. He highlighted Israel’s expertise in high-tech industries, agro-tech, food-tech, aqua-tech, desert-tech, climate change solutions, defence, homeland security, and advanced industries, stating that these sectors are highly relevant for India’s growth trajectory.
Israel’s Ambassador to India, Reuven Azar, also reaffirmed the commitment to strengthening bilateral economic cooperation. He announced that the Israeli government will establish a protocol to facilitate infrastructure tenders for Indian companies. Additionally, he proposed that India and Israel sign a mutual investment agreement as early as next month.
According to official data, India received $327 million in foreign direct investment (FDI) from Israel between April 2000 and September 2024, highlighting the growing economic collaboration between the two nations.
With IANS inputs