China-Israel Trade to Double in 5 Years

The China-Israel trade relationship took another step forward as the ministerial committee on China affairs approved on Tuesday night a comprehensive plan for doubling trade with the Asian giant within five years.

The plan — with a five billion shekel annual budget— includes opening an operations center in China and a new Economy Ministry office in the country.

The committee appointed National Economic Council Chairman Prof. Eugene Kandel to head the task force to develop the plan.

Israeli commercial exports to China have grown by 180% in recent years, from $878 million in 2009 to $2.47 billion in 2013. The export of tourist services to China has more than doubled, from $30 million in 2009 to $65million in 2013.

Meanwhile, Israel signed a bilateral industrial R&D cooperation agreement on Tuesday with China’s Zhejiang Province, also known as the Silicon Valley of China, The Jerusalem Post reported.

It also concluded agreements with Jiangsu Province’s Science and Technology Department to promote Israeli companies’ participation in Chinese innovation parks, such as the one in Jiangsu (population 79 million).

Vice Premier Liu Yandong told the Israel Innovation Conference that this week that China needed Israeli innovation to help realize its ambitious goals for the material betterment of its huge population. China sent a suitably huge delegation to the conference, some 350 business leaders and innovators.

This article appeared in print on page 7 of the May 22nd, 2014 edition of Hamodia.