New Delhi, June 1 (IANS) Industry lobby Confederation of Indian Industry (CII) Wednesday said it had signed an agreement with Israel's High Tech Industry Association (HTIA) to bring Israeli technology and innovation to India.

 
 "Joint initiatives under the agreement will include yearly conferences in both the countries and promotion of cross border mergers and acquisitions," CII said in a statement released here.
 
 "The two sides will also work to establish a network that would bring investors and entrepreneurs closer and allow Indian companies to penetrate Israeli markets," it added.
 
 According to a study, India’s relatively low manufacturing costs and proximity to the expanding east Asian economies offers growth opportunities to Israeli firms.
 
 For India, Israel can be a source of high-technology products as well as a base for exports to Europe and the US with which Israel has a free trade agreement.
 
 Minister of State for Communications and IT Sachin Pilot, who was present at the signing event in Jerusalem, said Indian and Israeli industries should work together to further expand bilateral trade relations.
 
 Trade between India and Israel stood at $4 billion at the end of 2008, but dipped to $2.9 billion in 2010 due to the global recession.