India is a giant, waking up...great bet for us: Israel's Economy Minister Nir Barkat

Tel Aviv [Israel], November 20 (ANI): Israel's Economy Minister Nir Barkat sees India as a "great bet" for investment, calling it the "next big thing". He believes India's growing economy, demographic dividend, and digitalisation make it an attractive destination for Israeli businesses.

Calling India "a giant waking up" with massive economic potential, Israel's Minister of Economy Nir Barkat on Thursday said India is emerging as the "next big thing" for global investors and that Israel wants to be New Delhi's "best partner" in its growth story.

Speaking at the India-Israel Business Summit in Tel Aviv, Barkat said India's scale, strong growth and rising global influence make it a natural partner for Israel.

"India is a giant, waking up... huge size, huge growth. India is the biggest country, the world's fifth-largest economy, and soon to be the third-largest. It is a great bet for us. I am telling everyone to hedge on India," he said.

He added that Indian infrastructure companies should explore opportunities in Israel.

"India is the next big thing... Indian infrastructure companies can come here and bid," Barkat said.

Barkat also highlighted the India-Middle East-Europe Economic Corridor (IMEC) as a significant platform for deeper collaboration.

"IMEC is an amazing idea," he said. IMEC, announced on the sidelines of the G20 Summit in New Delhi in September 2023, aims to build an ambitious network of road, rail, and shipping routes connecting India, Saudi Arabia, the US, and Europe, providing seamless integration between Asia, the Middle East, and the West.

He said the project offers "huge opportunities" for both countries to expand connectivity and trade.

Referring to Israel's recent security challenges, Barkat said the past two years had been extremely difficult for the country.

"We went through very challenging two years -- a terrible war that exposed the monsters around us," he said.

He recalled that the conflict that began in Gaza later expanded to seven fronts, forcing Israel to fight an aggressive multi-front war.

"People look at where Israel is today -- a huge victory. We dismantled the evil axis, starting with Iran, moving through Hezbollah, Lebanon and Hamas in Gaza. We are still fighting there, it's not over, but everyone understands we dismantled them," he said.

He credited Prime Minister Benjamin Netanyahu for "wisely managing" both the war and global geopolitics, saying Israel is now "presenting an amazing future."

Despite the challenges, Barkat stressed that India remains central to Israel's strategic economic outlook.

"India is a great bet for us... and we want to be the best partner for India," he said.

Barkat said that despite current trade numbers, the partnership's long-term fundamentals remain strong, and new initiatives -- including IMEC and expanded business cooperation -- will help unlock much larger opportunities.

Barkat's comments came during a visit by Indian Commerce and Industry Minister Piyush Goyal to Israel, where they discussed ways to boost bilateral trade and investment. Goyal highlighted India's "10 Ds" - democracy, demographic dividend, digitalisation, fast-paced development, and decisive leadership - that make it an appealing investment hub.

The visit marked a significant milestone, with Goyal leading a 60-member business delegation to explore new investment avenues. Israel is also hosting the largest-ever Indian business delegation, indicating growing economic ties between the two nations. (ANI)

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