(Yicai Global) May 8 -- Dayu Water-Saving Group Co. will spend USD1 million to set up a wholly-owned subsidiary in Tel Aviv, Israel, to invest in and develop water-saving technologies, which will promote cooperation with Israeli partners in the irrigation and water-treatment sectors.
With the establishment of the Israeli subsidiary, Dayu will be able to make full use of Israel's innovative irrigation technologies and product-manufacturing capabilities, and work closely with its partner to develop international markets, the Tianjin-based company said today.
The subsidiary will also set up an innovative research and development center to introduce more local talent to help with agricultural irrigation systems suitable for China's natural conditions, it said.
The company regards the Tel Aviv project as an opportunity to tap the local investment opportunities in Israel, develop agricultural irrigation technology, and promote the industrial park, it said.
Dayu, which focuses on the development of water-saving irrigation products and technologies, is currently responsible for the construction of the Sino-Israeli (Jiuquan) international water-saving industrial cooperation park in the northern Gansu province, which lacks sufficient water resources. The park management also plans to open an office in Israel, it added.
With a total investment of CNY3 billion (USD475 million) and a total construction period of 10 years, the industrial park is scheduled to be built in two phases. It is expected to introduce more than 50 water-saving irrigation enterprises from Israel, China and other parts of the world by 2025, aiming to become a water-saving technology innovation park with international influence. It plans to form a water-saving industrial cluster with a scale of CNY50 billion, publicly available information shows.
Israel, a Middle Eastern country with poor water resources, has the world's leading modern agriculture and water-saving technologies.
Editor: Mevlut Katik