Bilateral trade between Israel and India reached 1.1 billion dollars last year, making the Asian country Israel's 12th largest trading partner, reported The Jerusalem Post newspaper, quoting a statement by the Indian embassy in Tel Aviv.
Trade between Israel and India has increased by more than 500 percent since the commencement of diplomatic relations in 1992, according to the statement.
"The last two years in particular have witnessed dramatic growth," counselor for economic affairs at the embassy, Harsh Vardhan Shringla, said.
Excluding diamond trade, the increase in Indian exports to Israel between 1999 to 2000 was 28 percent, on top of the previous year's increase of 27 percent from 1998 to 1999, said the statement.
At the same time, Israel's non-diamond exports to India increased by 18 percent in 2000 over 1999.
Israel's exports to India were especially robust in the areas of chemicals, plastics, machinery, and transport equipment, while Israel imported from India chemicals, plastics, textiles, leather, footwear, and electrical and transport equipment.
Shringla emphasized that the trade figures do not include software, the Post said.
"Collaboration between Israel and India in the fields of hi-tech and IT is becoming very active," he said.
"Software accounted for approximately $50 million in trade in 2000, and is projected to increase to $70 million in 2001."
Israel is waiting for a US approval to sell two Phalcon radar systems worth $500 million.
The United States imposed economic sanctions on India after New Delhi carried out a series of nuclear tests in 1998.
Late June, Israel gave in to heavy US pressure and scrapped a deal to sell the system to China. It said it had taken the decision to boost relations with Washington in the light of a US-sponsored Middle East peace summit -- Albawaba.com
© 2001 Al Bawaba (www.albawaba.com)
