Israel signs deal with NDRC
Source: Bloomberg News |
July 5, 2011, Tuesday
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Print Edition
Print Edition
Israel signed a cooperation agreement with China's top economic planning agency as companies such as Bank Hapoalim Ltd and Nice Systems Ltd seek to expand business in the world's fastest growing major economy.
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," Eliran Elimelech, Israel's commercial attache in Beijing, said in an e-mailed statement.
Israeli Minister of Industry, Trade and Labor Shalom Simhon signed the agreement yesterday in Jerusalem with the vice chairman of the National Development and Reform Commission Zhang Xiaoqiang, a statement from the ministry said. The sides will meet to plan joint projects in fields including biotechnology, agriculture and water technology, the ministry said.
Israel is looking to Asia to increase trade as the US and European Union struggle to recover from the global economic slowdown. Israeli exports to Asia expanded an annual 45 percent last year, almost double the growth in sales to Europe and quadruple those to the US, the Jerusalem-based Central Bureau of Statistics said in January. Exports to China grew an annual 95 percent in 2010 to US$2 billion, according to the ministry.
Exports make up about 40 percent of Israel's gross domestic product, with about 60 percent of goods sold to the US and Europe. About 20 percent go to Asia, the statistics bureau said in the report.
"Israel is an export-dependent nation, so it is important that trade policy is much more multi-focused than it used to be," Boaz Hirsch, deputy director general for foreign trade at the ministry, said yesterday.
Israeli companies such as Petach Tikva-based Strauss Group Ltd are doing business in China. Strauss announced in October that a unit agreed to market water purification products in China. Hapoalim, Israel's second biggest bank by assets, has said it plans to expand in China. Nice has said it sees market potential in China, where it won a contract with Tianjin Metro in May.
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," Eliran Elimelech, Israel's commercial attache in Beijing, said in an e-mailed statement.
Israeli Minister of Industry, Trade and Labor Shalom Simhon signed the agreement yesterday in Jerusalem with the vice chairman of the National Development and Reform Commission Zhang Xiaoqiang, a statement from the ministry said. The sides will meet to plan joint projects in fields including biotechnology, agriculture and water technology, the ministry said.
Israel is looking to Asia to increase trade as the US and European Union struggle to recover from the global economic slowdown. Israeli exports to Asia expanded an annual 45 percent last year, almost double the growth in sales to Europe and quadruple those to the US, the Jerusalem-based Central Bureau of Statistics said in January. Exports to China grew an annual 95 percent in 2010 to US$2 billion, according to the ministry.
Exports make up about 40 percent of Israel's gross domestic product, with about 60 percent of goods sold to the US and Europe. About 20 percent go to Asia, the statistics bureau said in the report.
"Israel is an export-dependent nation, so it is important that trade policy is much more multi-focused than it used to be," Boaz Hirsch, deputy director general for foreign trade at the ministry, said yesterday.
Israeli companies such as Petach Tikva-based Strauss Group Ltd are doing business in China. Strauss announced in October that a unit agreed to market water purification products in China. Hapoalim, Israel's second biggest bank by assets, has said it plans to expand in China. Nice has said it sees market potential in China, where it won a contract with Tianjin Metro in May.
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