Driven by common goals and philosophy for regional peace, economic growth & sustainability, India and Israel joined hands for a trilateral economic summit in Dubai on Tuesday, 19th October 2021. Business leaders from India, UAE and Israel could well visualize the potential of trilateral cooperation in many fields and projects and long cherished a collaborative approach to address the same. The economic summit was attended by more than 250 delegates, industry experts and Government Officials from the three countries.
The agenda of the summit was to discuss measures for assessing and optimising trilateral opportunities in trade and investment. The Economic Summit was a one-day forum and a joint effort of the Consulates of Israel and India in Dubai, the Israel Export Institute, the Indian Business and Professional Council (IBPC), Bank Hapoalim, Bank of Baroda and media partner Khaleej Times. Bank of Baroda and IBPC Dubai also sponsored the summit.
The summit witnessed several panellists and experts highlight prospects of joint projects in various fields. After the general discussion session, the sectoral panel discussions were held in the fields of technology, agritech, infrastructure, clean energy, food technology, water technology, tourism & smart cities, technology collaboration including harnessing the potential of the medical and health care sector.
The brainstorming and discussion sessions centred around the possible joint projects and assessing mutual benefits. India was represented by the three young unicorn panellists Nikhil Kamath of Zerodha, Nishant Pitti and Prashant Pitti of Ease My Trip and Sujeet Kumar of Udaan.
Abraham Peace Accords and recent government policy reforms in UAE and India made the delegates strongly believe in the trilateral synergy and an economic force to reckon with. All of them actively participated in the economic summit and Indian companies were invited to visit Israel for exploring collaborative opportunities in various sectors.
The Consul-General of India to Dubai, Dr Aman Puri termed this event as a ‘force multiplier’ and said, “The Indian business community in the UAE could significantly leverage the strengths of this trilateral to boost the economic growth of all nations.” He also mentioned this event as an ideal platform for the three countries to explore areas of collaboration and partnership in both private and public enterprises.
“This trilateral economic summit is taking place at an opportune time with the first anniversary of the signing of the Abraham Accords having been commemorated recently. I would like to congratulate both the UAE and Israel on their outstanding efforts in fostering regional peace and trust. The Abraham Accords was a landmark event that has not only had a significant impact on trade interest between the UAE and Israel but also helped to promote regional peace and prosperity. I commend the vision and commitment of the UAE and Israel leaders as well as the people of the two countries in forging such a historic, multilateral alliance that will have a significant positive impact on all nations,” Dr Puri remarked.
Dr Puri emphasized that India being the third-largest start-up ecosystem could bring tremendous growth opportunities from a company formation in India. He identified Israel as a powerhouse of research & development including startups and appreciated UAE for its relentless support for SMEs and startups and numerous incentives for new company formation in Dubai.
Ilan Sztulman, Consul General of Israel to Dubai also highlighted the opportunities of this trilateral summit for mutual collaboration and doing business together. He noted saying, “This forum is symbolic as it comes immediately after the signing of the important economic cooperation agreement between Israel, the United States, the United Arab Emirates and India on shared issues of concern in the region and globally.”
All the three countries, Israel, India and the UAE are tech-centric and have a deep interest in technology and once together can be an innovative force, the Chairman of IBPC commented.
The President, Manufacturers Association of Israel and CEO, Unipharm Ltd. Dr Ron Tomer noted that these three nations are complementary to each other and can make a win-win situation for everyone. He also informed that Israel’s FTA with India was in progress and the same with UAE was under discussion.
Chairman, KEF Holdings Faizal Kottikollon shared his thoughts on the major healthcare and education projects currently undergoing in India where a collaborative approach can benefit all three countries.
Many eminent personalities from the business and industrial arena took part in the event such as Adiv Baruch, Chairman of the Israel Export Institute; Ahmad Sultan Al Haddad, COO, JAFZA; Professor Leonardo Leiderman, Chief Economic Advisor, Bank Hapoalim and Professor of Economics and Business, Tel Aviv University; and many more.
The combined strengths of India, Israel and the UAE can propel the trilateral trade between the countries to a high of USD 110 billion by 2030, many top diplomats and industry experts have commented.
The comments came up during an event organised by the International Federation of Indo-Israel Chambers of Commerce (IFIICC) to discuss the ongoing business collaborations being facilitated by IFIICC across various sectors.
“The international business potential backed by Israeli innovation, UAE’s visionary leadership and strategic partnership of both nations with India could be USD 110 billion by 2030,” Head of the Israeli mission in Dubai, Consul General Ilan Sztulman said in a press release issued by IFIICC.
As India has a very constructive partnership with the UAE and also enjoys an equally wonderful relationship with Israel, post-Abraham Peace Accord between Israel and UAE can be the most opportune period to bring everything together for the economic good of the citizens of the three counties and open floodgates of opportunities for new business setup in the region.
