China purchasing US$300M worth of water technology from Israel for use in agriculture sector

LOS ANGELES , February 29, 2012 () – According to a joint statement by Chinese Finance Minister Xie Xuren and Israeli Finance Minister Yuval Steinitz, Israel signed a deal on Feb. 29 to sell US$300 million of water technology to China for use in the agriculture sector, Reuters reported the same day.

Israel, a global leader in water technology products, developed drip irrigation for the dry conditions of the Middle East.

In recent years, Israel has been sending more exports to China. During this same period, both Europe and the United States—two of Israel’s largest trading partners—have been struggling with economic problems.

According to the statement, which was signed in Beijing by both Chinese Finance Minister Xie Xuren and Israeli Finance Minister Yuval Steinitz, the countries have also discussed possible exports of natural gas from Israel to China.

Although the statement did not include more explicit details, it did indicate that talks would begin in short order.

The primary source of this article is Reuters, London, England, on Feb. 29, 2012.

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