Israel has signed a deal to sell China water technology valued at $300 million for use in the agriculture sector. The deal was signed by both countries' finance ministers in Beijing during a visit to China by Israeli Finance Minister Yuval Steinitz.
Israel is a world leader in water technology products and has pioneered drip irrigation that was developed for arid Middle Eastern conditions. No details of the companies or technology involved in the deal were in the statement.
It has been increasing its exports to China in recent years as its two largest trading partners, Europe and the United States, have been in the throes of an economic slowdown.
"Israel considers the deepening of economic ties with China to be a very important strategic target for both countries," Steinitz said in the statement.
The statement also said officials from the two countries had discussed possible natural gas exports by Israel to China the
Finance Minister Xie Xuren said.
Israel has made several huge offshore natural gas discoveries over the past three years that will ensure its energy independence for decades and even make it an exporter, although the first field will be online in the second quarter of 2013.
Israel has signed a deal to sell water technology to China, the Finance Ministry said. The technology, for use in agriculture, is valued at $300 million. Finance Minister Yuval Steinitz signed the deal in Beijing during a visit. The ministry's statement gave no details about the companies or technology involved in the deal. But Israel is a world leader in water technology and pioneered drip irrigation, which was developed for arid conditions and would thus suit large parts of China. Israel's exports to China have increased in recent years as its two largest trading partners, Europe and the United States, slow spending because of their financial travails. "Israel considers the deepening of economic ties with China to be a very important strategic target for both countries," Steinitz said in the statement.