Israel-Asia trade to grow 30% this year to $14b

Israel-Asia Chamber of Commerce president and former director general of the Ministry of Industry, Trade, and Labor Mr. Dov Mishor said last week that trade with Asia will grow 30% to $14 billion this year. Mishor added that 20 years ago, trade with Asia had amounted to only $1 billion.
 
Mishor added that Asia has, for a number of years, been a key trade bloc for Israel.. Exports to Asia totaled $5.6 billion in 2003, compared with $6.5 billion in exports to the European Union. Imports from Asia amounted to $5.4 billion.
 
Mishor noted that these figures exclude defense exports, which had also grown by relatively high rates.
 
In a press release a week before the 20th anniversary of the Israel-Asia Chamber of Commerce Mishor noted that ”Europe’s low growth rates mean that Israel can no longer rely on it as a target for export growth. Israel must increase its trade with Asia, where growth is much more rapid, and which has been the world’s principal growth engine for a number of years”.
 
He added that Asian business communities have recognized the importance of business ties with Israel . This fact is reflected in the increasing number of Asian delegations visiting Israel for purposes of establishing cooperative ventures with Israeli companies.
 
Mishor also noted that accelerated growth in Israel’s trade with Asia will continue in the coming years. Investment will rise, particularly investment by large Asian multinational companies in Israeli technology companies.
 
The Israel-Asia Chamber of Commerce will celebrate its 20th anniversary on Wednesday, November 17 at the David Intercontinental hotel with the presence of Minister of Industry, Trade, and Labor Ehud Olmert, People's Republic of China Ambassador to Israeli Chen Yonglong, and India's Ambassador to Israel Raminder Singh Jassal.
 
The event is sponsored by the Ministry of Foreign Affairs, Bank Hapoalim, Israel Export Institute, Haifa Chemicals, Zim Lines and the Krief group.