Port2port News Service
Jul 11, 2011
The agreement aims to implement Israeli technologies in China’s strategic development.According to Israeli statistics, the country's exports to Asia increased by 45% last year
Israel’s Ministry of Industry, Trade and Labor signed last week a MOU agreement with China’s National Development and Reform Commission during NDRC’s vice chairman, Zhang Xiaoqiang, visit to Israel. The vice chairman has headed a delegation of high level officials from China’s highest strategic planning body.
The agreement aims at enhancing cooperation between China’s economic strategic planners and the state of Israel while the long term goal is to implement Israeli technologies in China’s strategic development.
Eliran Elimelech, Israel’s commercial attaché in Beijing, said in the statement that in the short term, the agreement is expected to deepen ties between Israeli and Chinese businessmen, and in the medium to long term improve trade conditions between the countries. Elimelech noted that the agreement will "raise Israel's profile among the decision-makers and those who are in key positions in the competitive and difficult trade with China,".
According to Israeli statistics, the country's exports to Asia increased by 45% last year, double the growth in its exports to Europe and quadruple that to the US. Exports to China grew 95% in 2010 and reached a value of US$2 billion.
Exports make up 40% of Israel's GDP. Israel's ministry of trade is exploring a free-trade agreement with China and has established a US$30 million fund to finance Israeli companies seeking to trade in China and India.