The Small Industries Development Bank of India is seeking investments in Israel and the bank intends to establish a joint investment fund with Kaenaat.
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Small Industries Development Bank of India (SIDBI)
The Small Industries Development Bank of India (SIDBI) is seeking investments in Israel – the bank intends to establish a joint investment fund with Kaenaat, a company that deals with investments in emerging markets. Kaenat chairman, Yariv Cohen, told “Globes” that the new fund will focus its operations on assisting small and medium Israeli companies that are looking to enter the Indian market, or to expand their activity in India, in Indian sectors that have been marked as having the potential to encourage growth. The collaboration agreement between the bank and the investment company was signed recently, after representatives from the bank made several trips to Israel.
“This is the first time that SIDBI is seeking an international partner with whom to invest, and we are glad that the bank chose Israel. We are talking about a world-leading, top-tier financing and development body that has far-reaching influence on the development of Indian industry, ” says Cohen. Among the instruments that the bank is using to support small and medium businesses are investments, loans, risk insurance, and managerial and strategic support for companies following the investment. Until now, the bank has focused its activity within India, and has supported 10, 000 local businesses, in part through 4 investment funds.
Cohen said, “The collaboration between Israeli companies and the joint fund could broaden the trading volume between the two countries, which today does not reflect even a small part of the potential.” Cohen noted that Israeli companies can provide a response to Indian market needs in areas such as water technology, agriculture, communications and renewable energy: “SIDBI’s ability to identify the most suitable Indian partner for collaboration with an Israeli company, to build the partnership, and to support it using the wide array of vehicles at its disposal, makes it the correct partner for investments in India, ” he said.
Yesterday, Minister of Economy, Naftali Bennett, flew out on a business trip to India, during which he is scheduled to meet with India’s Ministers of Treasury and Economy. During his five-day trip, Bennett is scheduled to meet with senior officials in the Indian economic system to discuss strengthening the collaboration between the two countries. Trade totaled $4.4 billion last year.
Published by www.globes-online.com