ISLAMABAD: Israeli’s Prime Minister Benjamin Netanyahu said that Israel and India were strengthening their strategic partnership, after a meeting with India’s commerce minister.

Netanyahu, in a post on X on Sunday, stated: “I met today in Jerusalem with India’s Minister of Commerce & Industry, @PiyushGoyal.”

“Israel and India are strengthening our strategic partnership, more investments, more innovation, and a strong economic corridor from India through Israel to Europe.”

‘Building economic power’

“Together we are building economic power,” the Israeli prime minister said.

According to the economic corridor initiative's official website, the India-Middle East-Europe Economic Corridor (IMEC) was officially announced on Sept. 9, 2023, during the G20 Summit in New Delhi.

As of April 2025, the IMEC project is progressing according to the scheduled timelines, with major developments underway in the construction of transportation and logistics infrastructure, according to the website.

Meanwhile, the Indian commerce minister also met with the Israeli president.

India’s Minister of Commerce and Industry Piyush Goyal, in a post on X on Sunday, stated: “Grateful for the warm welcome by H.E. @Isaac_Herzog, President of the State of Israel. Reiterated how Israel’s innovation ecosystem coupled with India’s talent, skill and scale can become a force multiplier for global good.”

According to the Indian Ministry of External Affairs’ brief on India-Israel bilateral relations published in July 2024, “India is Israel’s second-largest trading partner in Asia.”

India-Israel bilateral trade

According to the brief, “Since establishing diplomatic relations in 1992, India-Israel bilateral trade and economic ties have progressed rapidly. From around USD 200 million in 1992 (comprising primarily of diamonds), merchandise trade diversified and reached around USD 10.77 billion (excluding defence) in FY 2022-23, with Indian exports at around USD 8.45 billion.”

“In FY 2023-24 (April-March), the bilateral trade was USD 6.53 billion (excluding defense) with India's exports at USD 4.52 billion and Israel's exports at USD 2.0 billion.”

The “Cumulative Overseas Direct Investment (ODI) from India to Israel from April 2000 to April 2024, was around USD 396 million,” the brief said.

Foreign Direct Investment

“In the period from April 2000 to March 2024, the direct FDI from Israel to India was around USD 314.87 million.”

“In 2022, a consortium led by India’s Adani Ports and Special Economic Zone Ltd (APSEZ) acquired the Haifa Port Company Ltd from the Government of Israel with an investment of USD 1.18 billion,” the Indian External Affairs Ministry’s brief states.

Articles tagged with "Economic Corridor"

India, Israel developing ‘a strong economic corridor’ to Europe: Netanyahu