Industry, Trade and Labor Minister Eli Yishai signed last week a memorandum of understanding with China to boost research cooperation and trade in agriculture, telecommunications and water technology.
In a press conference held at the signing ceremony in Beijing Yishai noted that "The Chinese Ministry of Commerce is interested in the acquisition of Israeli technology in the areas of milk production and dairy farming".
He added that: "we are eager to establish a shared office at the Shenzen hi-tech park, with the aim of identifying potential cooperation between companies of both countries".
Yishai headed a delegation of Israeli business on a five-day visit to China, which began Sunday last week.
He and his Chinese counterpart, Chen Deming, signed the memorandum to formulate a framework for cooperation in research and development projects.
Both men agreed to hold a joint economic conference in 2008. Yishai also met with Chinese Minister of Water Resources Chen Lei to discuss potential cooperation in water technology solutions to tackle the growing environmental problem of water scarcity.