Israel and China: $5b annual trade by 2008

Israel and China set last week a joint bilateral trade target of US$5 billion by 2008. The bilateral trade target was set in Jerusalem by Minister of Industry, Trade, and Labor Mr. Ehud Olmert and Chinese Deputy Prime Minister Mr. Tang Jiaxuan.
 
The Chinese guest as well as the Israeli minister noted, in a press conference, that the participation of Israel companies in projects for the "2008 Beijing Olympic Games" and the "2010 Shanghai World Expo" would double the current amount of bilateral trade by 2008.
 
Olmert expressed satisfaction on Israel-China economic and trade cooperation and highly appraised the practical attitude of China. Mr. Tang Jiaxuan expressed that China was of high technological capacity in structure of road, bridge and infrastructure.
 
China hoped to participate more projects of engineering contract and wished that Israel could pay attention to issues in labor service cooperation.Tang pointed out that Israeli investment contracts in China amounted to $217 million, while Chinese investments in Israel were much less only $1.4 million. He nevertheless added that the recent visit to Israel by the chairman of the giant Chinese company "Huawei", and the mutual decision to establish an R&D center in Israel, would attract additional Chinese investment to Israel.
 
The Israel Ministry of Industry, Trade, and Labor foreign trade administration said in a press release that in January-September 2004, bilateral trade between Israel and China had totaled $1.53 billion. The foreign trade administration noted that bilateral trade was expected to pass the $2 billion mark for the first time in 2004. Israeli exports to China grew 34% to $537 million ( export consisted of: machinery & equipment 42%, medical & optical equipment 20%, chemical products 14%, diamonds 14%) while imports were up 38% to $998 million.( import consisted of: machinery & equipment 26%, textile 22%, chemicals 9%).