25 July 2017

News Story: Lucrative friendship - Israeli firms secure R&D, investment and trade with India

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.

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.

Read the full story at DefenseNews