Israeli firms open foreign business incubator in China

Israeli firms open foreign business incubator in China

2011/10/12

JERUSALEM, Oct. 3 (Xinhua) -- A new Israeli business incubator has recently opened its doors in China in order to help Israeli and foreign companies more easily set up shop in the country, a press release issued by the Israeli PTL Group said Monday.

As a partnership between two Israeli-owned companies, PTL Group and Elan Industries, the project, dubbed the "China Industrial Incubator Initiative," is aimed at enabling foreign companies to open manufacturing operations in China while reducing the risks of investment and market entry.

"Once, you could make do with marketing and sales activities in China. Today, however, the trend has reversed due to changes in the Chinese economy," Zvi Shalgo, CEO of PTL Group and Chairman of the Israeli Chamber of Commerce in Shanghai, said in a press release sent to Xinhua on Monday.

"Now, companies exporting to China encounter increasing competition from anonymous Chinese companies, which are cost effective in the global market. The Chinese government encourages high quality domestic production at a very competitive price," Shalgo said.

The incubator, a 13,000-square meter complex located in Changzhou near Shanghai, is designed for medium-sized foreign firms seeking to penetrate the Chinese market.

China's government is also offering incentives for foreign companies that include tax breaks for the first few years, assistance in recruitment and patents, and even schooling and healthcare plans for foreign investors' families.

Sino-Israeli economic and trade cooperation has seen rapid development during the past few years. The trade volume reached 7. 65 billion U.S. dollars in 2010, nearly 150 times that of 1992, when the two countries first established diplomatic relations.

Source:Xinhua




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