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Tuesday, September 13, 2011

Israel's focus on IT, biotech in trade with India

Israel will focus on Information Technology (IT) and biotechnology to change the composition of its trade with India, Israeli Ambassador Alon Ushpiz said on Tuesday.

"Free Trade Agreement (FTA) with India is under discussion. To change the composition of trade with India, we will focus on IT and biotechnology. The volume of trade will be larger and larger in the future," Ushpiz said at an interactive session, organised by the Indian Chamber of Commerce (ICC) here.

Currently the volume of bilateral trade between the two countries stood at $5 billion. It is estimated that bilateral trade would exceed $12 billion in five years after the trade agreement.

Noting research was going on at Indo-Israel Centre of Excellence for Vegetables in Karnal (Haryana), he said: "We can extend cooperation to West Bengal also".

Earlier in the day, Ushpiz held talks with West Bengal Director General of Police N. Mukherjee.

Asked on the nature of talks and if they dealt with the state's security, Ushpiz only said: "We have very close relation with India, both centre and states. Indian citizens' well-being is important to Israel also."