In Addition, a Central Organization Streamlining Joint Economic Activity Between Israel and Japan Will Be Established. Minister of Economy and Industry Mr. Eli Cohen and Japanese Minister of Economy, Trade and Industry Mr. Hiroshige Seko, Signed Two Agreements Strengthening Economic Ties between the Countries.

Following a meeting this month between the Minister of Economy and Industry Eli Cohen and the Japanese Minister of Economy, Trade and Industry Hiroshige Seko, the two signed agreements to promote economic cooperation between Israel and Japan in a joint ceremony. The first is a joint statement calling for increased cooperation between Israeli governmental bodies, economic organizations and companies with Japanese companies in a variety of fields. One of the key achievements in the statement is the establishment of a body that will unite relevant economic organizations in Israel and in Japan and upgrade joint economic activity, primarily in the fields of advanced industries, including: artificial intelligence, robotics, IoT, autonomous driving and more.

In addition, the ministers signed an agreement of cooperation in the field of cyber-security. The agreement calls for increased investments and joint activity in this field, establishes joint training programs and joint work seminars, and calls on Israeli experts to contribute to a new cyber-security center of excellence being established in Japan, and more.

Eli Cohen, Israeli Minister of Economy and Industry: “I see cooperation with Japan, the world’s third largest economy after China and the US, as a strategic goal for the Israeli economy. The visit of Minister Seko in Israel is a sign of Japan’s serious determination to strengthen joint relations and to take our economic relations to the next level. Cooperation agreements with Japan strengthen the Israeli economy. My Japanese colleague and I have set a joint goal of doubling the scope of trade between the countries and I believe we will reach this goal.”

The Japanese minister praised the meeting and said relations between Israel and Japan will foster economic growth in Japan. “We need Israeli support in cyber-security, especially ahead of the 2020 Tokyo Olympics, and are looking forward to fruitful cooperation.”

Ohad Cohen, Trade Commissioner at the Foreign Trade Administration of the Israeli Ministry of Economy and Industry, said: “Israel is seen in Japan as a source of innovation and a cyber-security superpower which can greatly help Japan meet its challenges and threats in this field. We expect that both agreements will help Israeli companies integrate into the Japanese market and forge cooperation with Japanese corporations, especially ahead of the 2020 Tokyo Olympics.”

According to Israel’s Central Bureau of Statistics, trade of goods between Israel and Japan reached a sum of $3 billion in 2016, with Israeli exports to Japan reaching $700 million. Israeli exports to Japan are varied and include optical and medical devices, machinery, electrical equipment and chemicals. Import of goods from Japan reached $2.6 billion in 2016. The leading sectors include: machines and mechanical devices, computer equipment and automotive vehicles.

(YWN – Israel Desk, Jerusalem)