Daily Israel Report
09:09
Reported

News Brief

  5/21/2014, Iyar 21, 5774

Shifting Allies? Landmark Plan Approved Advancing China Ties


Another indicator of the burgeoning alliance between Israel and China was seen Tuesday, as the Ministerial Committee for Chinese Affairs, headed by Prime Minister Binyamin Netanyahu, approved a plan to deepen and widen bilateral financial ties. The approval comes on the momentum of Chinese Vice Premier Liu Yandong's visit to Israel, which on Monday included signing a bilateral cooperation agreement with Netanyahu and inaugurating a new academic institute to strengthen cultural ties.

Through the newly approved financial plan, Israeli exports to China will increase to an annual amount five billion shekels (roughly $290 million) within a five year period. The state will dedicate 49 million shekels (around $14 million) a year in order to carry out the plan.