Indian, Israeli businesses need more cooperation in hi-tech

Private businesses in India and Israel need to strengthen cooperation as both the nations have committed to building vibrant and strong hi-tech economies, Indian Ambassador to Israel Jaideep Sarkar has said.

As a top priority, the new BJP government in India - led by Narendra Modi - has outlined making the country a new manufacturing hub, he said.

India's hi-tech sector has many things to offer to its Israeli counterparts and vice versa, he added.

"While Israel has wowed the world with start ups they typically end too early with sell out and that doesn't create jobs. Israel also lacks manpower and has high-cost of developing things. India on the other hand has what Israel doesn't have - markets, manpower and manufacturing capacity", Sarkar said.

He said Indian entrepreneurs lack knowledge of Israel's start up economy and have also not demonstrated the same level of flexibility.

Pointing at the rise of new breed of Indian CEOs at global MNC giants like Microsoft, Sarkar noted that they do not necessarily come from top notch Indian institutions amply demonstrating the "depth and vitality" of the country's education system.

Israel's Chief scientist Avi Hasson said that his country can definitely tap the "vast talented, knowledgeable and motivated human capital available in India".

Hasson noted that his office has been constantly working at matchmaking and funding of joint projects which has to be expanded to strengthen the ties between the two countries.

"We have decided to deepen strategic ties with India. It will be a strategic partnership with well defined goals," he said.

Sabyasachi Dasmohapatra, CEO of Global Innovation and Technology Alliance (GITA) told PTI that five joint projects have so far availed the benefit of funds allocated by the two governments.

"Basically when an Israeli and an Indian company come together to do a project their investment comes to only one- fourth of the total project cost for each one of them. The Indian and Israeli governments take care of the rest," he said.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • For those who are left to survive a war-torn world, let there be peace

    The hunger games have begun, and they have started reaping our children. There is no way around it.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Urs Schöttli

Shifting sands in the Far East

As was to be expected, Japanese prime minister Shinzo Abe ...

Zehra Naqvi

When humanity died, bestiality prevailed

The terrorist attack that killed 132 children in Peshawar has ...

Bubbles Sabharwal

Why self-esteem must be your best friend forever

Two negatives do make a positive! Imagine no doubts, no ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture