Trade between India and Israel has spiked from US$5 billion before the pandemic to nearly US$7.5 billion now, Israeli envoy Naor Gilon said according to The Hindu. A Free Trade Agreement (FTA) between the two countries was boosted after the External Affairs Minister S. Jaishankar’s visit in 2021.
India is attracting a lot of tech companies in Israel to enter the sub-continent’s vast market. In a recent phone conversation, Prime Minister Narendra Modi and Israeli PM Benjamin Netanyahu conveyed a “mutual desire” to strengthen high-tech, economy and security collaborations between the two countries.
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“Any cyber solution you need – you may find it in Israel. For many years, India, the rising digital superpower, and Israel, a beacon of Innovation, have been strong allies and good friends, hence, the key role that Israeli companies in the worldwide cyber arena did not escape the attention of large Indian entities,” says Sagi Itcher, secretory of the Israeli Trade Mission in India.
“They are keen more than ever to adopt cutting edge cyber services. Israel’s Economic & Trade Mission in Mumbai is a great testimony to the potential of such collaborations and acts as a facilitator that creates future business opportunities,” he adds.
Cybersecurity is a sector in India that’s welcoming Israeli tech companies. Several reports have placed India among the top countries facing cyberattacks since the pandemic began. The Indian Computer Emergency Response Team (Cert-In) has reported a total number of 1,402,809 cybersecurity incidents during the year 2021. The country is also placing top priority on cybersecurity.
For many years, India, the rising digital superpower, and Israel, a beacon of Innovation, have been strong allies and good friends, hence, the key role that Israeli companies in the worldwide cyber arena did not escape the attention of large Indian entitiesSagi Itcher, secretory of the Israeli Trade Mission in India
The UN’s specialized agency for information and communication technologies – International Telecommunication Union (ITU) ranked India among the top 10 countries in the Global Cybersecurity Index (GCI) last year.
Cymulate, an Extended Security Posture Management (XSPM) company established a new legal entity in India in October to focus on expanding technology relations between Israel and India. With this new venture, the company is responding to increased demand for its products and will provide governments and local businesses with advanced cybersecurity innovation for continuous security control validation and automated threat exposure assessment.
“During the last decade, India-Israel relations not only came out of the closet and became public but also tightened significantly. The tightening of relations is consistent with regional and international dynamics,” said Dr. Oshrit Birvadker, an expert for India’s foreign and defense policies and the head of India business development at Cymulate. “Cybersecurity has become a promising area of cooperation, and this new relationship will serve as a trade opportunity to boost economic relationships.”
Cybersecurity has become a promising area of cooperation, and this new relationship will serve as a trade opportunity to boost economic relationshipsDr. Oshrit Birvadker, Head, India business development at Cymulate
“India is an important market for us with great potential. Establishing a legal entity in India also brings us closer to our customers, channels, and managed service providers, providing them with local resource support and the latest innovation to proactively reduce their cybersecurity risk. This will also help in establishing deeper technology relations between Israel and India,” said Eyal Wachsman, CEO and Co-Founder of Cymulate.
The country’s top banks, insurance companies, global technology enterprises and top insurance companies are among Cymulate’s client base in India.
Retailtech with Israeli AI
We see other tech companies making a beeline for Indian markets. For example, after a successful partnership with TATA group, the Israeli retail-tech company, Onebeat, is looking forward to increasing its Indian business by 100% during 2023. The company expanded its operation in India; working with major retail corporations such as Madhura Garments, Titan Watches, Tanishq, and Metro Shoes to increase their footprint in the region.
The fact that Onebeat offers AI-based technology helps with entering sectors like apparel, footwear, jewelry, sporting goods, and luxury for real-time usage of AI and big data tools.
“Today, India is one of the largest retail markets in the world and is estimated to reach 100% by 2023. Using our AI based Technology, we wish for every one of our clients to find exactly what they need in the store,” states Avihai Shnabel, Co-founder of Onebeat.
Currently, Onebeat partners with global retailers like WeShoes, American Eagle, Naf Naf, and Toys R Us while its clientele in India includes corporations such as Titan, Tanishq, Croma, Madhura Fashion brands, Metro Shoes Thangamayil, Max & TCNS.