In the first-ever address by an Indian Prime Minister to the Israeli Parliament, Knesset, Prime Minister Narendra Modi today said India will be among the top three economies globally soon and is committed to expanding trade, and strengthen investment flows with Israel. PM Modi said India is also unlocking innovation and creativity of youth.   

PM Modi expressed “deepest condolences of the people of India for every life lost and for every family whose world was shattered in the barbaric terrorist attack by Hamas on October 7”. PM Modi affirmed India’s support to Gaza Peace Initiative.

“For the last few years, India has been the fastest-growing major economy in the world. Soon, we will be among the top three economies globally. At the same time, Israel is a powerhouse of innovation and technological leadership. This creates a natural foundation for a forward-looking partnership,” PM Modi said in the special plenary of the Knesset in Jerusalem.

“We are committed to expanding trade, strengthening investment flows, and promoting joint infrastructure development. The Bilateral Investment Treaty signed last year will provide confidence and predictability to our businesses,” he added.

Referring to the recent trade pacts signed by India, PM Modi said India has concluded a number of important trade agreements with other nations. “To your West, the European Union, and the UK. To your East, the UAE and Oman. Our bilateral goods trade has grown manifold in recent years. But it does not reflect the full scope of opportunity. That is why our teams are working hard to negotiate an ambitious Free Trade Agreement. It will unlock the vast untapped potential in our trade relationship,” PM Modi said.

‘We will also work closely in different formats such as the India–Middle East–Europe Economic Corridor and the I2U2 framework between India, Israel, UAE and the US. Defence and security are another important pillar of our partnership. In November last year, we signed an MOU on defence cooperation. In today’s uncertain world, a strong defence partnership between trusted partners like India and Israel is of vital importance,” he added.

Modi said India is working towards unlocking innovation and potential of the youth. “Israel is often called the start-up nation. In recent years, we have also been working to unlock the innovation and creativity of our youth. I recall that in 2018, Prime Minister Netanyahu and I inaugurated the iCreate Technology Business Incubator in India. Since then, it has supported nearly 900 such start-ups,” he said.

“Last week, we hosted the world’s largest and most democratised AI Impact Summit, with representatives from over 100 countries. Our aspirational spirit aligns naturally with Israel’s innovation ecosystem. I see a lot of synergies in areas such as quantum technologies, semiconductors, and artificial intelligence. We are also working with Israel on creating cross-border financial linkages using our digital public infrastructure,” he added.