Israel will export water technologies worth more than NIS 1 billion to China, according to the terms of a deal signed by the countries’ finance ministers in Beijing on Wednesday morning.

Finance Minister Yuval Steinitz met with his counterpart Xie Xuren in Beijing, and the two signed an agreement worth $300 million. According to the deal, Israel will sell China various irrigation technologies to aid farmers and help develop Chinese agriculture.

Steinitz said at the signing that the relationship with China was a strategic asset for Israel, and that he hopes that ties would continue to strengthen and deepen. He also extended a formal invitation for Xie to visit Israel, which the Chinese minister accepted.

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Xie spoke of the importance of China’s economic ties with Israel, saying cooperation and sharing of technologies were helpful for both countries. “We will think how to further develop these ties,” he said.