China's government has asked Israeli companies to join in several multimillion dollar agricultural projects, in dairy farming, irrigation, and bio-agriculture to improve crop growth and extend shelf life.
Israeli participation in the projects was agreed upon yesterday at the meeting of a joint Israeli-Chinese economic-commercial-technology conference, as part of this week's Israeli delegation to China headed by Ministry of Industry, Trade and Labor Ehud Olmert. The agreement is in accordance with China's official policy to develop agriculture in the western part of the country, which grants preference to projects of this type.
It was decided to establish three projects in each area, funded by China. Chinese Minister of Commerce Bo Xilai called on Israeli companies in these fields, to examine participation in these initiatives immediately, while their executives were still visiting his country.
Companies examining participation in joint projects include: Israel Corp. (TASE:ILCO), whose president and CEO Yossi Rosen is presently in Beijing, Netafim, Tahal Consulting Engineers Ltd., and Israel Desalination Engineering.
Also yesterday, Israel Infinity Fund and IDB signed a contract establishing a joint fund for the establishment of the Suzhou (pronounced "Soo-Jo") industrial park near Shanghai with a Chinese company of the same name. The project is a $75 million investment, which will be made gradually.
Israel and China yesterday discussed possible cooperation in setting up technology parks in 53 preferential regions in China. At this stage, it was agreed that both sides should examine what opportunities existed for Israel in establishing technology parks, as well as reciprocal investment by Chinese companies in Israel. Israel hopes that this bilateral study will serve to advance other projects and investments in the future.
Published by Globes [online] - www.globes.co.il - on Wednesday, June 23, 2004