In the continuing effort to bolster cooperation between both nations, China and Israel have now officially launched the China-Israel Innovation Hub located at the Taopu Smart City in Shanghai. The complex is meant to be a symbol of the two nations' aim of promoting and developing scientific innovation.
The hub, which is situated near the Putuo District in Shanghai, will mainly be housing firms and institutions that will work on different research and development projects from both nations. Different universities, research institutions, and tech firms from Israel will also be invited to set up their respective bases of operations within the innovation hub.
To further spur innovation and research projects, both countries have set up a $145 million innovation fund, which will be part of the first phase of the hub itself. According to China's Minister of Science and Technology Wang Zhigang, the main goal of the hub is to promote different breakthroughs and achievements in the science and technology field.
The innovation hub will also serve to attract financial capital from investors and to be a melting pot for top talents from both countries. Wang hopes that the hub will set an example for the rest of the world to promote global cooperation to spur further innovation in various industries. Wang also stated that they are welcoming all scientists, engineers, and businessmen from all over the world to work and invest in China.
Israel's ambassador to China, Zvi Heifetz, mentioned during the launch ceremony that the hub will definitely be bringing a lot of new opportunities for Israel and its people. The ambassador further emphasized that both countries do complement each other in many aspects and not just in business.
Also in attendance during the launch even was Shanghai Mayor Ying Yong. The city's mayor joined his Israeli counterparts in officially opening up the hub with several enterprises and institutions from both countries.
Among those companies was an Israeli firm focused on medicine and agriculture called Trendlines. The firm was one of many others that signed an agreement to set up bases within the new innovation park. The firm's chairman of the board, Todd Dollinger, mentioned in a speech that Shanghai does have quite a lot to offer his company in terms of medical equipment and teams. This will apparently help his company have a favorable environment to innovate within their field.
Dollinger expects that more small to medium-sized companies may follow suit and establish their businesses in Shangai given the government's support and the environment the hub provides.
