“The wish to renew and deepen bilateral ties were reiterated during the meeting, outlining major areas of cooperation for comprehensive economic development,” Kumar said. India will also actively consider Israeli proposal for an FTA, he added.

Israel also plans to open its second trade office in the country, which is likely to come up in Bangalore where several of its hi-tech companies have been active for almost a decade. High-tech, genomics, nanotechnology, water technology, security systems and agriculture were mentioned as some of the areas where existing cooperation could be enhanced and new areas explored.

“The focus on multi-dimensional and multi-faceted comprehensive economic development can give a new dimension to Indo-Israel bilateral ties,” the minister said.

The two countries had agreed to consider a Preferential Trade Agreement (PTA), proposed by a Joint Study Group (JIGS), during Yishai’s visit to India in December last year.

The two leaders also said it was necessary to exchange ideas on creation of jobs with economic growth, something that both Israel and India have been working to achieve. Several leading Israeli companies have shown interest in investing in India during the minister’s visit, with more than a hundred companies registering to participate in an India-Israel joint business council meeting.

The Israeli Deputy Prime Minister has also invited Kumar to attend a water technology conference in October. Yishai has also shown interest in the participation of Israeli companies in building infrastructure for the 2010 Commonwealth Games.

The Indian Minister will be meeting Israeli President Shimon Peres, Transportation Minister Shaul Mofaz and several leading Israeli company heads during his two-day visit.