IFIICC eyes strengthening business ties
The International Federation of the Indo-Israel Chambers ...
Kenneth D’Costa, Managing Director at Barakat, a key player in the UAE’s $40 billion (Dh 147 billion) F&B market, believes there is a significant trade opportunity in the areas of food and agriculture. “The key business sectors identified by us are alternative dairy and proteins, organic fruits and vegetables and food waste management,” he says. “We are in discussion with about 8-10 growers and food companies from different regions of Israel.” Sodawaterwala wants to leverage the heft and influence of the Indian diaspora to scale innovative Israeli businesses, particularly start-ups and SMEs.
India has the largest diaspora in the world with 32 million non-resident Indians (NRIs) and people of Indian origin (PIOs), according to the country’s Ministry of External Affairs. “Israeli founders have historically lacked the opportunity for market exits. Through this platform, Indian businesses can help commercialise Israeli technologies and grow them to the stage of a unicorn,” Sodawaterwala says. Israel was placed sixth on the Bloomberg Innovation Index in 2020. Edly Dollar, Founder of the Israeli impact fund Copia Agro & Food, is now looking for joint ventures with Indian entrepreneurs that monetise scientific innovations from research institutes both in Israel and India.