Israel is planning a major investment in India in the semiconductor sector, its envoy said today, calling the development a "big news".
"Israel will soon invest in the semiconductor industry in India, the newly appointed Ambassador of Israel to India, Reuven Azar, told news agency ANI, adding that, "We expect big news when it comes to semiconductors in the coming days, we have something in the pipeline," he said.
Israel has announced that it will make a major announcement regarding the semiconductor industry, likely from a private Israeli company.
While he refused to reveal any specific information, Mr Azar said, "I don't want to put the carriage in front of horses; there are some private sector people that are initiating this, they are going to announce it, the trend is very clear, we are going to see a lot of movement there and another field we want to promote."
There have been reports suggesting that Tower Semiconductor, an Israeli company specialising in manufacturing integrated circuits, is expected to invest billions of dollars in India. However, no official announcements have been made yet.
The Ambassador also shared that Israel is planning to invest USD 35 billion in infrastructure projects, including a new metro system in Tel Aviv and an airport. For this, Israel is seeking the help of Indian infrastructure companies, he said.
This comes days after India signed a semiconductor ecosystem partnership with Singapore during Prime Minister Narendra Modi's visit to the country last week.
The government had launched the India Semiconductor Mission in 2021 with a Rs 76,000 crore chip incentive scheme. This was part of a recent push by the centre to grow semiconductor manufacturing in the country.
When asked whether Israel would prefer India over China as an investment destination, the Ambassador said, "I am a diplomat but it goes without saying that the bonds that unite India and Israel are unique. First of all because of our common history. Both Jewish and Indian people were subjected to the invasion of empires 2,000 years ago...We have in common principles of freedom and motivation of accepting others."
He also highlighted the strong relationship between PM Modi and Israeli Prime Minister Benjamin Netanyahu, noting how it helps in strengthening the ties between the two nations.
