Palestinians have high appreciation for India’s economic accomplishments and capabilities. Brand “Made in India” enjoys wide popularity and considered highly trustworthy.
Since, trade between India and Palestine is channelized through Israel, complete trade statistics are not available. Limited data suggests that India-Palestine bilateral trade stands at US$ 27 million. Since, almost all trade is import from India; trade balance is in India’s favour. In terms of sectors, automotive spare parts, medical tourism, agro-products, textiles, fabrics, yarns, readymade garments, household appliances, stationery products, leather and leather products, agro-chemicals, plastic products, sanitary wares, marble and granites, pharmaceuticals and engineering goods have vast scope in Palestine. Serum Institute of India Ltd., Pune, had signed an agency agreement with Al-Shifa Pharmaceutical Co., Gaza, for distribution of vaccines in Palestine. Cipla Ltd., Mumbai, had signed an agency agreement with Al-Shifa Pharmaceutical Co., Gaza, for supply of its formulations.
Apart from trade in goods, there is vast scope for trade in services. India’s prowess in IT and IT enabled services; consultancy etc. is widely acknowledged in Palestine. TCIL and Satyam Computers had undertaken two major telecom software projects in Nablus for Palestinian Telecommunications Company (PALTEL). M/s Goldstone Infotech Limited of Hyderabad had tied up with World Trade Centre of Gaza to establish the first Indo-Palestinian Joint Venture in the Karni Industrial Zone in the Gaza Strip in the field of Software Training and Consultancy.
Memorandums of Understandings: In 1997, an MoU between India and Palestine was signed, which provides for promoting scientific, technical and industrial cooperation including provision of training facilities in specialized areas and undertaking of mutually agreed projects. In February 2010 during the visit of Dr.Hasan Abu Libdeh, Minister of National Economy, PNA a Memorandum of Understanding for cooperation was signed between the Federation of Palestinian Chamber of Commerce, Industry & Agriculture (FPCCIA) and Federation of Indian Chamber of Commerce and Industry (FICCI).