China firms looking to strengthen Israel links

LEADING Chinese companies are looking for investments in Israeli technology to help boost their growth and development, similar to what US companies have done in the past two decades.
By The Newsroom
Published 3rd Jan 2013, 09:02 BST

A delegation of senior Chinese business leaders visited Israel last month in search of opportunities, pressing ahead with the trip despite rockets that fell in the commercial centre of the country during fighting with Gaza militants.

The delegation, led by Ronnie Chan, chairman of investment holding company Hang Lung Group, included the heads of Lenovo Group, China’s top grains trader, investment banking and private equity firm Hina Group, China Merchants Bank and JP Morgan Chase in China.

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Mr Chan noted that many technologies in applications and products from companies such as Google and Intel originated in Israel, and Chinese companies would like to explore similar ventures.

“The sky is the limit,” Mr Chan told Reuters. “Some companies can set up research and development centres here, some can bring Israeli companies to China, some can open up the Chinese market for Israeli companies.

“I have no idea where this will lead.”

Bilateral trade between China and Israel totalled $8bn (£5bn) in 2011, according to Israel’s Foreign Ministry.

Related topics:ChinaIsraelGaza