By: Barbara Opall-Rome
TEL AVIV, Israel — Israel’s top defense and aerospace firms are riding the wave of a high-profile friendship between Israeli Prime Minister Benjamin Netanyahu and Indian Prime Minister Narendra Modi. More and more companies are benefiting from expanded defense trade, joint research and development, and a shared commitment by both leaders to augment strategic cooperation against common threats ranging from global terror to cybercrime.
TEL AVIV, Israel — Israel’s top defense and aerospace firms are riding the wave of a high-profile friendship between Israeli Prime Minister Benjamin Netanyahu and Indian Prime Minister Narendra Modi. More and more companies are benefiting from expanded defense trade, joint research and development, and a shared commitment by both leaders to augment strategic cooperation against common threats ranging from global terror to cybercrime.
With an average $1 billion in annual defense sales in recent years, India already constitutes a key export market for Israeli industry. From air-defense systems and drones to anti-tank missiles, cybersecurity and space, India is for many firms here the largest single defense market.
Just since the beginning of this year, state-owned Israel Aerospace Industries reported some $2.5 billion in new joint projects with New Delhi for medium-range and long-range surface missiles based on the Israeli-developed Barak-8 system, with state-owned Rafael Limited serving as a major subcontractor.
India also selected Rafael’s Spike anti-tank missile over a competitor by Lockheed Martin in a deal that could exceed $1 billion, industry executives say.
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