India 2nd largest export destination for Israel

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Jerusalem: India has leaped to become Israel’s second largest export destination, only next to close ally the US, as the Jewish state focuses on tapping potential in the Asian markets.

As per the figures provided by the Israel’s Export and International Cooperation Institute, India jumped from the eighth position to the second favored destination for Israeli exports in the  first half of 2010, daily ‘Ha’aretz’ reported.

Israeli exports to India in the first half of this year equaled $990 million, an increase of 102 percent compared to that in the same period last year.

The reason for this sharp jump was a 63 percent leap in exports by Israel’s mining, minerals and quarrying sector, which exported $228 million worth of products, mainly fertilizers, to the Sub-continent?

One of the biggest exporters to India in this sector was Dead Sea Works, a subsidiary of Israel Chemicals.

India and Israel have registered phenomenal growth in bilateral trade starting from $200 million in 1992 when diplomatic relations were established between the two countries and approaching $4 billion mark with still room for improvement.

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