Any suggestion for gift exchange between siblings during their first meet in hospital?

You could get age specific presents for both kids, or you could get your older sibling to pick out a present for his new sibling. It's good to get him involved. For the older sibling's present, you could get something he/she would like to have. Personally, I prefer educational and creative toys such as blocks, drawing materials and books. It would also be good if you could find the time to bring out your older sibling alone without the baby so he/she will feel that he/she still has love and attention from Mum and Dad.