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India And Israel Are New Tech Fund Friends

In 1992, India and Israel became trading partners. Trade between the two countries was about $200 million that year. In 2016, trade between those countries was almost $4.2 billion, according to Israel’s Economic Ministry. But most of that trade was in diamonds and defense spending, so Israel exports to India are lower than there were a few years ago. But things are about to change and they will change fast, according to officials from both governments. Israel and India are the proud sponsors of the Israel India Innovation Initiative Fund. The 14F initiative was just put in motion during a recent visit to Israel by the Prime Minister of India, Narendra Modi. 

Prime Minister Modi is aggressively moving his country into the digital age, and a strong relationship with Israel is one of his priorities. Israel’s economic focus is on technology, and breaking into the 1.3 billion Indian market will be a major plus for the country’s export business. Both governments want to focus on conservation, using wastewater for agricultural purposes and cleaning up the Ganges river as well as other Indian rivers. Defense collaboration is another key focus, and Modi’s “Made In India” initiative is also a priority. Both countries also want to increase their partnership in the space technology industry. Both leaders are talking about the seven-point accords in the amicable meeting. This meeting is a positive step for both countries. 

But there is more good news. Indian Angel Network, India’s largest investment group, is starting to do business in Israel. And LetsVenture, India’s largest marketplace for startup funding, is working with OurCrowd, an Israeli equity crowdfunding platform. Wipro LTD is working with Tel Aviv University, and Israel Aerospace Industries LTD is also working with Wipro on emerging technologies. 

Both governments will invest $4 million a year, for the next five years, in the Israel India Innovation Initiative Fund. The aim is to motivate large Indian companies, so they reach out and do more business with India. Another aim is to get Indian investors to invest in Israeli’s technology systems. Those systems include mobile enterprise solutions as well as cloud-based solutions. Those systems manage the service delivery end-to-end process. Servicemax from GE Digital offers similar solutions in the U.S. You can follow this link to get a better idea what Servicemax does in the tech industry.

The growing tech relationship between Israel and India is just one of many tech relationships that are popping up all over the world. Brazil and China are becoming export and techno buddies again, and the United Kingdom wants to use some of Brazil’s successful startups to stimulate the country’s economy while the Brexit situation unfolds. 

The upcoming G20 Summit in Hamburg will focus on terrorism, but it also gives world leaders an opportunity to cultivate tech relationships. No one knows how President Trump will act at the summit, but German President Angela Merkel hopes Trump will be a positive force in the meeting. Merkel also wants to resolve Trump’s ongoing annoyance with the Germans over trade and other issues. But Merkel may not realize that Trump’s normal state of being is annoyance. 
India And Israel Are New Tech Fund Friends India And Israel Are New Tech Fund Friends Reviewed by Kapil Kumar on 1:08 PM Rating: 5