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Investing.com -- Israel and India are in the final stages of completing an investment protection agreement, with plans to sign it within the coming months, according to Israel’s Finance Ministry on Tuesday.
Israeli Finance Minister Bezalel Smotrich and the ministry’s chief economist Shmuel Abramzon discussed the agreement and other economic matters with Indian Ambassador to Israel J.P. Singh during a meeting in Jerusalem.
"Deepening economic ties with India is one of the goals I have set," Smotrich said after the meeting, describing India as a "true friend of Israel."
The investment protection agreement aims to reduce perceived risks for investors in both countries by offering protections against unfair treatment and removing restrictions on transferring capital and profits.
India has become one of Israel’s most important trade partners globally and particularly in Asia in recent years, the ministry noted. The volume of trade and investments between the two nations is expected to increase significantly in the coming years as their diplomatic and security relations strengthen.
Bilateral trade between India and Israel in 2024 has reached almost $4 billion.
"In recent years, we have witnessed a strengthening of economic ties between us, including in the fields of defence exports and infrastructure," Smotrich said. "The potential for further strengthening our economic cooperation is immense. It can leverage our shared technological capabilities, India’s demographic scale, and the geo-strategic position of both countries."
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