State Bank of India to Open Israel Branch
April 05, 05 by Albert Robinson
The State Bank of India (SBI) is planning to open a branch in Tel Aviv in the coming months to take advantage of the countries' increasing bilateral trade that totaled $2.2 billion in 2004 – half the amount connected to the diamond industry.
An SBI official, Ram Narayana Boga, is conducting negotiations in Israel with the Bank of Israel and business heads and the talks were progressing well, according to the Indian media. Around 30 Indian diamond firms are based at the exchange.
The SBI branch will be opened in the Israel Diamond Exchange area in Ramat Gan next to Tel Aviv. The plan was agreed during a visit to India last December by Minister for Industry and Trade Ehud Olmert.
Israel and India, major diamond importers and exporters, are looking into ways of expanding trade after bilateral trade last year jumped by 36 percent. The countries' trade ministers believe annual bilateral trade can reach $5 billion from $2.2 billion last year.
Israel's exports to India last year amounted to $1.02 billion, of which 67 percent were diamonds and gemstones - a jump of 33 percent on 2003.
India's exports to Israel in 2004 amounted to $1.12 billion, of which 70 percent were diamonds and gemstones.
Since the countries established diplomatic relations in 1992, bilateral trade has soared from $200 million to $2.2 billion.
