NEW DELHI, May 4: Gadot Petrochemical Industries Ltd. one of Israel's leading manufacturer and exporter of petrochemicals and food additives, has reached an agreement with an Indian company to set up manufacturing facility in India for citric acid, reports Xinhua.

This is a very exciting beginning for the fast growth on Indo-Israeli business relation considering the fact that the present visit is the first by an official delegation of Israeli businessmen to Indian' Yoram Blozovsky, Director General of Manufacturers Association of Israel was quoted by local press as saying.

He said that the two countries have the potential to grow very fast in doing business together as Israel has free trade, and free quota status with the United States and the European Community. Besides, it is also very strong in high technology.