HSBC has announced that it has set up a China Desk in Israel to encourage trade and investment flows between China and Israel. The China Desk will be managed by Yafit Mudahi.
HSBC’s China Desk in Israel will help China and Israel cooperate across a number of sectors including Internet, cleantech and healthcare. "China is shifting its economy from heavy industry and traditional manufacturing to one that is driven by services, technology and advanced manufacturing. This transition is complemented by Israel’s internationally-recognized strength in innovation," HSBC said.
Launched in 2012, HSBC’s China Desks have been established on six continents, including 11 in markets in Asia-Pacific, five in Europe, five in the Middle East and Africa and four in the Americas. These desks cover more than 40 markets around the world, with some providing support to Chinese clients in multiple countries or territories. They provide HSBC’s Chinese clients with solutions in overseas markets that include strategic advisory, financing, hedging solutions and cash and liquidity management.
HSBC said that Chinese investments in Israel reached $6.5 billion at the end of 2017, while investments from Israel in China totaled $380 million at the end of 2016. Bilateral trade rose to $13.1 billion in 2017, up 15.6% from the previous year, making China Israel's third largest trade partner. Israel and China are negotiating a free trade agreement.
HSBC CEO & head of global banking Israel Michael Israel said, "The opportunities for the Chinese clients investing in Israel are significant. Israel is known all around the world as a global powerhouse for innovation, so it’s only natural that in recent years Chinese investors are becoming increasingly active in acquiring Israeli technology and know-how. Furthermore, it is not only about technology. In any major infrastructure projects, you will see Chinese involvement, whether it is in ports, roads or the Tel Aviv light railway, our first underground project.”
HSBC president and CEO China David Liao said, “In recent years, leading Chinese technology companies have established research and development centres and invested in start-ups in Israel to tap in to its research talent. Investments in other sectors have been increasing rapidly as well. We believe this trend will continue and that the China Desk helps put HSBC in a unique position to support our clients and meet their financial needs with our universal banking model and wide geographic coverage.”
Published by Globes [online], Israel business news - www.globes-online.com - on May 14, 2018
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