Israel’s Ambassador to India David Danieli has told “The Financial Express” that Israeli investment in India has touched the $1 billion mark in the last four years and it was likely to grow further. "Israeli investment in India has grown to one billion dollars. Four years back it was almost nil," he said during a visit to Kolkata (Calcutta).
Danieli said that Israeli investments were made in real estate, software, agro business, defence technology, precision tools, and other fields. Over 1,000 Israeli companies have established their presence in India through joint ventures and research and development centers. The investment also included 10 billion rupees for three medical centers to be set up in West Bengal in a joint venture between Elbit Medical Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT) and Ambuja Realty.
Danieli said that bilateral trade between India and Israel has touched $2.7 billion last year. He said that to survive in the global business one could not avoid the fast growing Indian economy. "The business relation between the two countries is steadily moving." He added that Israel wanted to have preferential trade agreement with India and it was already discussed at the official level.
In addition to Elbit Medical Imaging, other Israeli real estate companies with investments in India include Azorim Investment, Development and Construction Ltd. (TASE: AZRM), Property and Building Ltd. (TASE: PTBL), Alony Hetz Property and Investments Ltd. (TASE: ALHE), Electra Real Estate Ltd. (TASE:ELCRE), Ocif Investments and Development Ltd. (TASE: OCIF) together with Housing and Construction Holding Co. Ltd. (Shikun u'Binui) (TASE: HUCN), Yitzhak Tshuva’s private company Elad Properties, Africa-Israel Investments Ltd. (TASE:AFIL; Pink Sheets:AFIVY.PK) and Fishman Holdings subsidiary Mondon Investments Ltd.
Published by Globes [online], Israel business news - www.globes.co.il - on June 26, 2007
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