Israeli Minister of Economy and Industry, Nir Barkat, who led Israel’s largest ever business delegation to India, sees a transformative partnership on the horizon.
NEW DELHI: As India and Israel deepen their economic and strategic ties, Israeli Minister of Economy and Industry Nir Barkat sees a transformative partnership on the horizon.
Leading Israel’s largest-ever business delegation to India, comprising nearly 100 top industry leaders, Barkat spoke exclusively to The Sunday Guardian.
In this candid conversation, he shared insights on the strengthening business relations between the two nations, the vast potential for collaboration in innovation and trade, and why Israel is betting big on India’s economic rise.
Excerpts:
Q: This is the first high-level delegation from Israel to New Delhi. What are your expectations from New Delhi, and what are you looking for?
A: Yes, this is the first high-level Israeli delegation to New Delhi and to any other country in the world. We planned this delegation when I was here in December and met His Excellency, Minister Piyush Goyal. We see eye to eye on both opportunities for collaboration and the challenges we face. India is like a giant waking up. The scale and scope of its economic growth are remarkable, with smart management by Prime Minister Narendra Modi, Piyush Goyal, and the government.
For Israel, this growth is very attractive. We can complement India’s strengths and grow together—not just as a destination country but as a global hub. Israel brings innovation, while India brings knowledge and expertise in scaling.
Q: What are the key areas of engagement between the two sides?
A: Israel excels in six business clusters: high-tech, homeland security, desert-tech and climate change, agri-tech and food-tech, advanced industries, and life sciences and health, apart from many others.
We currently export around $150 billion, and my goal is to reach $1 trillion in the next 15 to 20 years. The way to achieve this is through international
Q: Are there any specific developments regarding MoUs in defence, climate, or the semiconductor sectors?
A: Many Indian and Israeli companies have already formed excellent relationships. Some developments are happening, but it is best for the companies to announce them when appropriate.
We are now planning another delegation from India to Israel, which Piyush Goyal will lead. After this first mission, we will organise a second mission soon. During that visit, both governments will sit down and ask businesses what policies are needed to create more value together. Given the strong government-to-government and people-to-people ties, this partnership is a perfect match.
Q: After the horrific events of October 7, 2023, what are your expectations from New Delhi?
A: We received a lot of support from India. Prime Minister Narendra Modi was the first world leader to call Prime Minister Benjamin Netanyahu to share his condolences and support. We highly value that.
India, like Israel, is also threatened by terrorism, so we share the same challenges and solutions. When I speak to people in India, I feel a deep warmth and friendship, which is reflected in the strong ties between our nations. The fact that we have brought the largest Israeli delegation within less than three months is a testament to the strength of this relationship.
Q: What is the current status of the India-Middle East-Europe Economic Corridor (IMEC)?
A: We are planning our part of the IMEC project. The corridor will pass through Saudi Arabia, Jordan, and Israel, connecting India and Asia to Haifa Port, which is managed by Gautam Adani. We are eager to see this project succeed.
We hope Saudi Arabia will join the Abraham Accords, which will help bring IMEC to life. But we are not waiting—we are planning our part in advance to be ready when the time comes.
Q: Is there a deadline for IMEC?
A: No, there is no set deadline. We want to see it happen as soon as possible, but it is not entirely in our hands. The talks are ongoing, and we are preparing our infrastructure.
Q: Are you looking to bring more Indian workers into Israel’s construction sector?
A: Yes, certainly. We are in discussions to work out the best way to make this happen for both countries. Currently, there are tens of thousands of Indian workers in Israel. I would like to see that number increase to 100,000 or even 200,000. Israel needs skilled and unskilled foreign workers, and India is a great source for that.
Q: If Hamas does not release the hostages by Sunday, will Israel resume military operations?
A: It is not prudent to discuss military actions in the media. However, one thing is clear—Hamas cannot survive this war. They want to return to October 6 and attack again, but we will never allow that. The atrocities they committed were the worst we have seen since the Holocaust, and we will not let them succeed.
Q: There are reports that Israel is also expanding business ties with China. How does Israel’s partnership with India differ from its relationship with China?
A: My next trips are to Germany, Japan, and Argentina—countries that collaborate with us properly.
While we do business with China, just as the US does, there is no mission or delegation that compares to what we have with India. The scale of engagement with India is far greater than anything we have with China.