Chinese IT corporation Neusoft and Israeli-Chinese private equity fund Infinity Group said they would jointly set up a $250 million fund to invest in Israeli medical technologies over the next three years.

As part of the cooperation agreement, Neusoft will also make available to Israeli healthcare companies its cloud database via which they can gain access to clients in China and obtain approvals from China’s equivalent of the US Food and Drug Administration, the two companies said in an e-mailed statement.

This is a first collaboration between Infinity Group, which is backed by investors and partners like the China Development Bank and Israel’s Clal Industries, and Neusoft, among China’s largest IT companies, which offers services and solutions to industries in the mobile, automotive and medical industries, according to their website.

The announcement was made at the start of the China-Israel Investment Summit, which is being held in Tel Aviv as part of the DLD Tel Aviv Innovation Conference that will run until Sept. 29. Ambassadors, government officials and representatives of Israeli and Chinese private companies are attending the event.

“The establishment of this fund is another step in deepening the economic ties between Israel and China,” said Amir Gal-Or, Infinity Group founder and chairman of the summit.

The bi-national Israel-China summit, supported by the governments of China and Israel, follows that of the first China-Israel Technology, Innovation & Investment Summit, held in January 2016 in Beijing.

During the conference, meetings will be held between hundreds of Israeli start-ups and Chinese investors and funds. Israeli entrepreneur Yossi Vardi is co-chairman of the summit and chairman of DLD Tel Aviv.

At the start of the conference on Sunday in Tel Aviv, Likud Minister Tzachi Hanegbi said that Prime Minister Benjamin Netanyahu intends to attend the next summit in Beijing, as a recognition of the growing cooperation between the two nations.

Amit Lang, director general of Israel’s Ministry of Economy and Industry said that despite their differences in size, Israel and China have complementary economies and their cooperation can lead to “incredible results” for the world. “Only now are we starting to understand the huge potential,” he said, adding that these kinds of meetings will further strengthen the bond and expand investments.

Adama's Chen Lichtenstein at the bi-national Israel-China Summit in Tel Aviv (Courtesy Koby Cantor)

Adama’s Chen Lichtenstein at the bi-national Israel-China Summit in Tel Aviv (Courtesy Koby Cantor)

Chen Lichtenstein, the president and CEO of Israeli chemicals manufacturer Adama, which was acquired by ChemChina in 2011, said it took the Israeli company “a while” until it understood how best to cooperate with its Chinese owners. Adama will have a presence in about 19 Chinese districts by the end of the year, he said.

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