Infinity Group has set up a $30 million fund, its eighth Israel-China fund this year. This time, the fund is a joint venture fund with Chengdu City, China. It will focus on projects in clean tech, IT, agriculture, and technology incubators.
Infinity Group also signed a Memoradum of Understanding (MOU) of general cooperation with the Chengdu Municipal Government today. The MOU, a separate agreement from that of the joint venture, covers various areas, including business communication and investment activities, finance, innovation and private equity as well as Chengdu’s technology incubator and park.
The ceremony was attended by Li Chuncheng, Party Secretary of Chengdu, senior level officials and the management of the high tech park in Chengdu. The event was hosted by Avi Fischer, Co-CEO of Clal Industries and Investments and Deputy Chairman of the IDB Group and Amir Gal-Or, managing partner of the Infinity Group and Infinity I-China.
Chengdu is the capital of Sichuan Province, and has a population of some 10.5 million. The city is one of the largest technology centers in China, with companies such as Intel, IBM, Nokia, Motorola, SAP, and Microsoft having set up development centers there employing tens of thousands of people.
"Globes": Everyone is trying to penetrate the Chinese market. What is special about you?
Amir Gal-Or: "Seven years ago, we launched our collaboration with the high-tech park in Suzhou. Now there are 40 companies there. Since then we have expanded our activity in China, and the current collaboration will enable us to develop new relationships.
"The Chengdu administration seeks to set up together with us technology incubators, solar energy companies, and high-tech parks. This could provide many Israeli companies with access to Chinese markets.
"Unlike in other countries, there is no Jewish community in China that can assist Israeli companies. The only way is connections built up over time. Infinity has been fully focused on China for seven years."
Published by Globes [online], Israel business news - www.globes-online.com - on June 30, 2010
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