Israel and China signed a deal yesterday (February 29th) outlining that Israel will sell China water technology valued at $300 million for use in the agriculture sector, Reuters reported.
The deal was signed by both countries’ finance ministers in Beijing during a visit to China by Israeli Finance Minister Yuval Steinitz.
Israel is well known as a global leader in innovative water technology, especially for agricultural use. Drip Irrigation (by Netafim) was invented in Israel, and is today the leading irrigation technology worldwide.
According to Reuters, Steinitz said, “Israel considers the deepening of economic ties with China to be a very important strategic target for both countries.” The Minister’s statement also said officials from the two countries had discussed possible natural gas exports by Israel to China and that Chinese Finance Minister Xie Xuren said “talks would begin soon”.
According to an article in Global Times, previously the two countries signed three economic protocols totaling $1 billion, covering fields including agriculture, telecom, energy and medical treatment, according to China’s Ministry of Commerce.