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Business / Economy

Sino-Israel business set to grow 50% a year

By Ouyang Shijia (chinadaily.com.cn) Updated: 2016-07-22 14:17

Sino-Israel business is expected to grow more than 50 percent a year, as the two countries' economic relationship and the promotion of innovation become closer, an Israeli technology tycoon said.

Amir Gal-Or,founder of Infinity Group,a Israeli leading cross-border private equity fund, said in an interview with China Daily: "The innovation in China will become more important, which is the part of the country's strategy. Our company understood many years ago that the main driver of China is going to be innovation, instead of labor, factory, or investment."

The bilateral trade between the two countries in 2014 continued a steady growth with total imports and exports in the amount of $10.88 billion, accounting for 8.5 percent of Israeli total foreign trade, according to the China Customs. And the two countries have beefed up cooperation in areas such as high-tech, new energy, biotechnology and medical devices.

According to Gal-Or, Israel is exporting innovation, introducing technology to China to attain Chinese markets and seeking more cooperation between the two countries.

He made the comments ahead of the second China-Israel Innovation and Investment Summit which will take place in Tel Aviv, Israel, from Sep 24 to Sep 26.

"We already had a huge success in the first summit during which Israeli and Chinese companies reached deals worth between between $1 billion to 1.5 billion," said Said Gal-Or, a co-organizer of the Summit.

More than 50 percent of the investment is in medical and biotech areas, and 30 percent in online services.

One of the highlights for the second summit lies in the first flying summit with the support of Hainan Airline. There will be networking activities, speeches, investment games and signing ceremony in the flight.

"We expect $3 billion deals will be made during the meetings," said the 54-year-old Israeli entrepreneur.

Founded in 1993 and backed by partner and investors such as China Development Bank in the amount of $60 million, Infinity Group invested in tens of Chinese technological companies, including I-China Security, Ya'an technology and China Medicine.

Early in 2010, the Infinity Group established the first Intellectual Property Bank in China and worldwide. It takes IP from Israel and builds companies in China, by executing one or two projects a year, such as paper batteries, well dig by electricity and cloud computing.

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