Prospects for China-Israel economic cooperation broad: Experts

NEW YORK - China and Israel have made great achievements in economic cooperation and prospects for further mutual collaboration are even broader, experts have said.

During an event themed "Global Partnership & Global Innovation: China and Israel" held here on Wednesday, experts and economists from both sides hailed recent achievements in bilateral economic ties while calling for further collaboration in various areas.

Cooperation between China and Israel will be important for tackling global challenges including the growing demand for food, global drought and water shortage, aging population as well as cyberattacks, noted Adiv Baruch, chairman of the Israeli Export and International Cooperation Institute.

Israel became one of the world's leading countries in sectors such as agro-technology, food-tech, water recycling as well as clean-tech, he said.

By 2050, the global over-60 population will surpass 2 billion, said Baruch. "This has enormous implications for China and Israel and will create great opportunities in health care and the development of medical devices."

China has a huge market and is a leading manufacturer, while Israel is one of the leading nations in innovation. In recent years, the two nations have stepped up hi-tech cooperation, mainly focusing on information technology, life sciences and healthcare, cyber security, energy, advanced manufacturing and robotics.

Chinese giants such as Huawei and Alibaba have established their R&D centers in Israel, and some Chinese funds are also active in investing in Israeli start-ups.

"Chinese companies invest in Israel, funding Israeli technology, and find ways to make it global. I think the opportunities are endless," Uri Levin, CEO of Israel Discount Bank of New York, told Xinhua on the sidelines of the event.

So far, over 30 Chinese enterprises are operating in Israel, creating around 10,000 jobs for Israel, according to latest figures from the Chinese Embassy in Israel.

"We can combine the Israeli innovation with the traditional industries in China and together explore new horizons in science, technology and more industries," Eran Nitzan, minister of economic affairs at the Embassy of Israel in Washington, DC, told Xinhua.

Strong ties in those multiple fields also help ensure a brilliant future for bilateral cooperation, he added.