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June 12, 2013 12:11 pm

Major Chinese Conglomerate to Open Tech Incubator in Israel

avatar by Zach Pontz

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Benjamin Netanyahu meets with Chinese President Xi Jinping May 9, 2013. Photo: Israel GPO.

One of China’s largest conglomerates has announced it plans to establish a technology incubator in Israel.

Fosun International chairman Guo Guangchang told Prime Minister Benjamin Netanyahu of the plan following the latter’s recent visit to the country, Globes reports.

“The Fosun Group chairman updated the Prime Minister on the establishment of a venture capital fund in Israel to locate investments for the group in Israeli start-ups,” said the Prime Minister’s Office in a statement. “The group intends to increase its commercial presence in the form of a technological incubator to locate and promote Israeli technologies, as well as find additional business opportunities for cooperation with Israeli companies and distribute their products in the Chinese and international markets.”

Specifics on the location of the incubator were not immediately available.

Following Fosun’s acquisition of Israel’s medical equipment manufacturer Alma Lasers in April, it announced it planned to strengthen its presence in the country beyond the medical equipment industry.

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