India offers huge investment opportunities for Israeli businesses: Goyal

Tel Aviv [Israel], November 20 (ANI): India offers vast and promising investment opportunities for Israeli businesses, and industries on both sides can significantly deepen cooperation in sectors such as infrastructure development, manufacturing and artificial intelligence, the Union Commerce and Industry Minister Piyush Goyal said on Thursday.

Addressing the India-Israel Business Summit in Tel Aviv alongside Israel's Minister of Economy Nir Barkat, Goyal underlined that the two nations have "unlimited possibilities and potential" to expand economic engagement.

He highlighted that collaboration can be strengthened in a wide range of sectors, including fintech, agritech, machine learning, quantum computing, pharmaceuticals, space and defence.
"India offers an investor-friendly and predictable atmosphere to do business. It offers huge opportunities for businesses of both sides," he said.

Goyal is leading a 60-member business delegation to Israel, where he is scheduled to meet top leadership and industry representatives to explore ways to boost bilateral trade and investments.

The minister also spoke at length about the ten "Ds" that make India one of the world's most attractive destinations for investors--democracy, demographic dividend, digitalisation, development, and decisive leadership among them.

Goyal said India continues to perform strongly despite global volatility, trade uncertainties and challenges to multilateralism.

"Many estimates of India's growth came out. The IMF first projected 6.7%, then revised it downwards to 6.4%. Some felt it would be close to 6%. But even then, India would remain the fastest-growing major economy," he said.

He noted that India's first-quarter growth stood at 7.8%, and second-quarter numbers--expected soon--would be around 7%.

"At the end of the year, by March 31, 2026, we will be growing at nearly 7%, well above the world average," he added.
Goyal emphasised India's structural reforms, including the countrywide unified electricity grid and the nationwide Goods and Services Tax (GST), which replaced multiple indirect tax regimes.

"India derives strength from unity. We are proud of our history, culture and traditions. After centuries of foreign rule--from the Mughals to the British--Prime Minister Narendra Modi is focused on shedding the colonial mindset and steering India towards becoming a developed nation by 2047," he said.

The minister said the India-Israel partnership is grounded in "traditions, culture, trust and friendship," quoting Prime Minister Modi's remarks on the deep ties between the two countries.
Recalling that PM Modi became the first Indian prime minister to visit Israel in 2017, Goyal said he may be the first Commerce and Industry Minister leading a large business delegation to Israel.

"We are already planning a bright future together. If Israel and India work together, the sky is the limit," he said.

Goyal will travel to Jerusalem on Friday as part of his ongoing visit to further strengthen bilateral economic ties. (ANI)