At a reception to welcome more than 350 delegates from China participating in the Israel Innovation Conference (MIXiii), three important agreements were signed between Israel and China, representing a significant milestone in Israel-Sino Relations.

A trilateral agreement was signed between the Chinese Ministry of Science and Technology (MOST), the Israeli Ministry of Economy, and the Jiangsu Science and Technology Department of Jiangsu Province, to promote Israeli companies participation in Innovation Parks in China. As a pilot for this initiative, a complementary agreement was signed to promote Israeli companies participation in the Changzhou Innovation Park (in the city of Changzhou, province of Jiangsu). This agreement was signed between and the Changzhou Municipality, the city’s Innovation Park, and MATIMOP – The Israeli Industry Center for R&D, which works on behalf of Israel’s Office of the Chief Scientist.

The agreement with Changzhou is the first of its kind and will provide Israeli companies more benefits than ever before to set up shop in China, affording office space, manufacturing space and tax breaks, grants, loans, and other financial benefits. Israeli companies will also receive subsidies towards the purchase of equipment and consulting fees. The companies will receive further assistance with obtaining work permits and visas, assistance towards protecting intellectual property rights, and help in obtaining marketing approval from the CSDA (Chinese equivalent of the US’ FDA).

The third agreement signed is a bilateral Industrial R&D Cooperation Agreement between the Israeli Ministry of Economy, Israel and the Government of the Chinese Province of Zhejiang. With more than 100 million residents, Zhejiang is considered the Chinese “Silicon Valley” making this agreement a milestone for Israel-Sino economic and technological relations.

Avi Hasson, Chief Scientist of the State of Israel said: “We are delighted that one of the world’s economic powers is showing such a vested interest in Israeli innovation. The agreements signed today 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”.

(YWN – Israel Desk, Jerusalem)