AKIPRESS.COM - Indian and Israeli companies signed strategic pacts worth $4.3 billion (excluding defence) on the sidelines of the first CEOs Forum held in Tel Aviv on July 6, Times of India reported.

With Prime Ministers Narendra Modi and Benjamin Netanyahu+ presiding, almost 30 CEOs from both sides promised to power the economic and investment relationship.

The business leaders gave a thumbsup to the $40 million innovation fund announced on Wednesday, but urged both governments to restart discussions on an FTA (free trade agreement) and investment protection pact to deepen economic ties.

They also sought easier registration of businesses in both countries, more connectivity by increasing direct flights, standardisation of requirement to make sure products are of the highest quality and promotion of tourism and cultural exchanges. The aim is to increase bilateral trade from the present $4-5 billion to $20 billion in five years.

The CEOs asked the Israeli government for longer-term multiple entry business visas, change of rules for investors, opening up of the agriculture sector for tie-ups and knowledge transfer. Israeli businessmen said India should have more effective intellectual property protection. They also sought more worker visas, smoother dispute resolution and "encourage the full utilisation of buybacks, given the defence procurement from Israel".