Israel and India announced the signing of a bilateral investment agreement by their finance ministers in New Delhi.
“The new agreement supports the promotion of mutual investments, while providing certainty and protection for investors,” Israel’s Finance Ministry said in a statement on Monday after the signing of the agreement by Bezalel Smotrich and his Indian counterpart Nirmala Sitharaman. The pact will help expand trade between the nations, the statement added.
The ministry also said that Israel has become the first member of the Organisation for Economic Co-operation and Development, or OECD, to sign such an agreement with India, underscoring the strong financial ties between the two countries.
Israel’s imports of goods and services from India, excluding diamonds, totaled $1.6 billion last year, making up 1.1% of total imports, according to official data. Exports to India totaled $3.1 billion.
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Israel and India already have strong defense ties as well as civilian cooperation. A prominent example is the Adani Group’s majority stake in Haifa Port, one of Israel’s largest, in the northern city of Haifa.
Smotrich’s visit to India comes as several European countries are weighing economic sanctions against Israel due to the ongoing war in Gaza.