Utilizing the financial protocol between Israel and China would spur increased Israeli exports to China, the director director of China's Finance Ministry said Thursday during a convention for the promotion of Israeli-Chinese financial cooperation held in Beijing.
"The cooperation between Israel and China offers many benefits for both countries," he said. "An event of this magnitude on China's financial arrangements with other countries is out of the ordinary on all levels."
China's Vice Minister of Finance Li Yong and Israel's Accountant General Yaron Zelika signed on behalf of their governments a financial cooperation protocol in Beijing on November 25.
The protocol is a vehicle for promoting trade activities between the two countries, which enables Chinese companies to receive long-term loans in transactions with Israeli exporters in the fields of capital goods and infrastructure projects.
The Beijing convention is a joint initiative of the Chinese Finance Ministry, the Israel Foreign Trade Risks Insurance Corporation Ltd.(IFTRIC), which is a fully owned government-company that encourages Israeli export by insuring medium and long term export credit transactions and investments abroad, and Israel's economic attaches to China.
Some 300 exporters and bankers participated in the event.
IFTRIC's Managing Director Uri Bernstein said during the convention the implementation of the financial agreement between the two countries may generate deals worth more than USD 1 billion within a few years.
