In an article published in India Inc’s India Global Business magazine this week, CFI Parliamentary Chair (Commons) Rt. Hon. Stephen Crabb MP hailed the potential of the UK, Israel and India trade triangle.
He explained that opportunities for trilateral trade between the three nations have not yet been fully realised, stating that in the post-Brexit climate “the UK is looking for new ways to invest and trade with international markets” and that “Israel and India together offer endless possibilities”.
Mr Crabb highlighted the strength of Israel’s bilateral relationships with both the UK and India.
The UK-Israel trading relationship has grown rapidly in recent years, most notably in the technology sector. Following the establishment of the UK government scheme, the UK Israel Tech Hub, Israeli investment in the UK has increased substantially.
Crabb notes how these Israeli companies “have invested millions” into the UK job market, providing hundreds of jobs and building a “better skilled digital workforce” in London and in his home country of Wales.
The Tech Hub has generated 175 tech partnerships between UK and Israeli companies, worth an estimated $103 million (£85 million), which has helped boost the UK economy by an estimated $973 million (£800 million).
Following this success, the UK India Tech Hub was set up in 2019 to support start-ups and entrepreneurs. Crabb believes “this is an important step in accelerating trade between the UK and India, developing the Indian tech ecosystem and facilitating sustainable economic growth and development” and emphasises the “growing synergy between the two countries”.
Crabb explained how “Israel’s experience as the ‘Start-up Nation’ can assist with tackling obstacles India faces in facilitating innovation, and India’s diverse economy presents great opportunities for investors and entrepreneurs alike”.
He stressed that “with Israel brought into the mix, the possibilities are endless”.
Read the full article in the latest edition of India Incorp’s India Global Business Magazine.
