China strengthening technology ties with Israel
October 30, 2018 Category China News Round-up, Weekly
Chinese Vice President Wang Qishan paid an official visit to Israel, during which he attended the fourth meeting of the China-Israel Joint Committee on Innovation Cooperation. China and Israel established the joint committee in 2014 with the aim of promoting innovation cooperation in various fields. In March 2017, the two countries established an innovative comprehensive partnership during Israeli Prime Minister Benjamin Netanyahu’s visit to China. Israel is attracting over USD7 billion of Chinese investment. Chinese companies have built research and development centers in Israel, including Huawei, Xiaomi and Lenovo. Ami Appelbaum, Chief Scientist and Chairman of the Board of the Israeli Innovation Authority, said there is still work to be done on both sides in order to fully realize the potential of bilateral relations. “The next step for the two countries will be Israeli and Chinese entities working together in the Chinese market,” said Yaki Zinger, Vice President of LR Group, an Israeli firm specializing in development and financing of large-scale projects in high-growth economies.
“The ultimate measure of Chinese investment in Israel will be when Chinese companies begin establishing development, sales and manufacturing hubs in Israel,” said Dorian Barak, CEO of Indigo Global, a private equity investor and fund manager. “An investment in an Israeli startup pales in value to a large Chinese conglomerate establishing a major Israel presence – hiring locals, paying local taxes and exporting from here,” Barak said. According to Start-up National Central, a non-profit organization that surveys Israel’s high-tech and innovation industry, Israel has more than 6,000 startups, and multinational companies have invested in over 350 R&D centers in the country.
Agreements were signed between China and Israel in fields including science and technology, life science, innovation, digital health and agriculture. China is now Israel’s largest trading partner in Asia and the third-largest across the world, with the bilateral trade volume in 2017 growing to over USD13 billion – about 260 times the volume back in 1992 when the two countries established diplomatic relations. In 2017, a total of 139,000 Chinese people visited Israel, three times as many as in 2015, and the number of visitors from Israel reached 52,000, according to data from the Chinese Embassy in Israel.
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