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Minister of Industry, Trade and Labor Government of Israel
Israeli economy was shielded from the severe impacts of crisis that hit the global economy.
In an exclusive interview with Fibre2Fashion Correspondent Cindrella Thawani, Shalom Simhon avers about Israel's financial stability. Also, he asserts about breakthrough technologies and innovations to attract foreign investors in Israel's textile industry. Synopsis: Shalom Simhon catering as the Minister of Industry, Trade and Labor of Israel from January 2011. Besides, his erstwhile ministerial portfolio includes title of Minister of Agriculture and Rural Development since March 2006 –January 2011; Minister of Agriculture and Rural Development from March 2001-March 20013 and Minister of Environment Protection from January- November 2005. Excerpts:
How is Free Trade Agreement (FTA) helpful to the textile industry of India as well as Israel? How will it improve bilateral trade of both the countries?
Enhancing India-Israeli bilateral trade relations have been one of the cornerstones for Ministry of Industry, Trade and Labor’s (MOITAL) trade policy. MOITAL was quick to realize India’s economic significance and in recent years it has been working to develop and apply several initiatives intended to enhance trade as well as realize the full potential of the economic relations between the two nations.
Naturally, one such initiative is the establishment of FTA.
The underlying objective of FTA that is currently under negotiations between the governments of Israel and India is to establish a set of transparent and predictable trade rules for exporters and importers on both sides. In addition, such an agreement would further liberalize the already prosperous trade between the two countries.
Trade between Israel and India exceeded USD $5 Bn in 2011 (in comparison to USD 3 Bn worth of trade in 2009) and it is estimated that FTA agreement would contribute to this pattern of growth. Once the negotiations are successfully completed, and the agreement is implemented, a significant rise in trade volume in numerous industrial sectors, including textile could be expected.
Economic growth of Israel is grabbing eye balls of global retailers. How do you look at it?
In recent years, Israeli economy was shielded from the severe impacts of crisis that hit the global economy. This was the result of several factors, including careful policies applied by the bank of Israel.
In addition, as an export oriented economy, our companies were attentive, fast-responding and diversified into various international markets, compensating for the slowdown in the European and American economics by increasing their activities in growing markets such as Asia and Latin America.
Country’s proven record of success as well as economic and financial stability has led to the world’s leading multinational corporations choosing to establish research and development (R&D) and production centers in Israel.
At present, over 260 foreign commercial R&D centers are helping industry leaders stay on the cutting edge.
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