Wish to share strength with India on technology: Israel Min

The government has recently relaxed the foreign direct investment (FDI) norms for defence. Israel, which is one of the largest arms manufacturer may benefit from this move. Naftali Bennet, minister of economy, Israel spoke to CNBC-TV18 regarding the trade relationship between Israel and India.

Also Read: Govt notifies FDI changes; redefines 'control' under FEMA

Below is the verbatim transcript of his interview on CNBC-TV18

Q. Do you, at your end, see Israeli investments increase in Indian defence sector post this move by the government?

A: India and Israel both have some similarities. We both are in fairly tough neighbourhoods. We have to tell the truth in the Middle East and the East. So, we have our challenges but we are both very solid democracies in ocean of other types of regimes.

To that end, I think the relationship goes way beyond just business. Together, we want to promote and share our strength and endurance including, in the areas of security and technology.

Q: Telecom minister Kapil Sibal was in Israel recently. How are India and Israel likely to do as far as the telecom sector is concerned? Do you see both of them joining hands?

A: Israel is almost a capital of the very cutting edge technologies in the telecom sector. India has roughly 800 million cellphone users. But usually we are talking about fairly low cost users and we need to.

If you will squeeze more out of the infrastructure in order to keep the cost very low because that is what people are able to pay, to that end, Israel has a huge variety of technologies that can condense more technology on a given infrastructure and thus increasing the amount of users without having to spend more money which is one area.

The other area is to create more value on the basis of the cellphone. Cellphone is gradually becoming the centre of life for Indians who are using them and we want to and we do provide payments, banking, government all the aspects that a person and individual can use on the cellphone.

Q: If you look at it 300 Israeli companies in India. Where do we expect investments - in what areas?

A: I will tell you where we are very strong and where we can add value to India, water technologies, how to generate water, how to save water, how to reduce water leakage. Energy renewable energy, agriculture, farming, food production, medicine and medical devices and finally the information technology and communication technologies, these are spectrum of fields we operate in.

We are not strong in consumer goods and that is not our area. We can add value to the areas we spoke about, help feed the 1.2 billion Indians using very advanced technologies where you can get more out of square metre of land and keep people healthy.

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