An Israeli ministerial committee announced Wednesday a comprehensive action plan to expand bilateral economic ties with China, aiming to double Israeli exports to Asia's fastest growing economy within five years to about 5 billion U.S. dollars annually.
The plan was approved a day after Israel and China signed three major agreements, which were defined by Israel's Economy Ministry as "a significant milestone in Israel-Sino relations."
Under the plan drafted by the Ministerial Committee on China Affairs, the government will allocate 49 million shekels (about 14 million dollars) a year to the program.
It includes government recognition for wide-ranging business projects that will be implemented with Chinese organizations specializing in knowledge-intensive industries, agriculture, environmental protection, energy, water technology and health. Working groups for each field will collaborate with their Chinese counterparts, advancing Israeli companies' efforts in China as well as creating opportunities for mutual investment.
The plan also includes opening a designated operations center in China, the Prime Minister's Office said in a statement.
Israel's Economy Ministry will also open a new office in China and will consider a new policy regarding the issuing of entry visas to make it easier for Chinese business people, tourists and academics to come to Israel.
According to figures released by the Prime Minister's Office, Israeli commercial exports to China have grown by 180 percent in recent years, from 878 million dollars in 2009 to 2.47 billion dollars in 2013. Israeli tourism exports to China have more than doubled, from 30 million dollars in 2009 to 65 million dollars in 2013.
On Tuesday, at a reception attended by 350 delegates from China participating in Israel's Innovation Conference in Tel Aviv, Israel and China signed three major agreements.
The first agreement brought together Chinese and Israeli science and technology officials to promote Israeli companies participation in innovation parks in China.
A complementary agreement on the Changzhou Innovation Park in the Chinese province of Jiangsu specifically encourages Israeli companies to participate in the park's projects.
In addition, an agreement on industry research and development was signed between the Israeli Ministry of Economy and the government of China's Zhejiang province.
"We are delighted that one of the world's economic powers is showing such a vested interest in Israeli innovation," Israeli Chief Scientist Avi Hasson said in a statement. "The agreements signed will help many Israeli companies expand into the Chinese market and marks the next stage in the economic and technological relationship between our two countries."
