Israeli Prime Minister Benjamin Netanyahu speaks at the 2014 International Youth Bible Contest finals. Photo: Wikimedia Commons.

Israeli Prime Minister Benjamin Netanyahu on Sunday said the growth of the Jewish state’s economy depends, “first and foremost,” on expanding its marketing activity abroad and creating new markets beyond its current strongholds in the United States and Europe.

“We are making a very concentrated and focused effort to vary our markets, from our previous dependence on the European market, to the growing Asian and Latin American markets, in which Israel needs to take a small market share and bring about growth, employment and social welfare in the State of Israel,” he told ministers at his government’s weekly cabinet meeting. “This is a strategic and – I think – a very promising effort. It has already begun to show results and will continue to do so. I would like all ministers, each in his or her own field, to join this important effort.”

Citing examples of Israel’s already successful forays into diverse international markets, Netanyahu referenced his visit last week to Japan, during which the two countries resolved to develop economic, technological, scientific and other partnerships. The prime minister also said he spoke with India’s Prime Minister-Elect, Narendra Modi, on Friday and that “there too there is a clear expression of the desire to deepen and develop economic ties with the State of Israel.”

He also asserted that his trip last year to China resulted in increased economic activity between the two countries.

Also on Sunday, the Israeli Cabinet approved a decision submitted by Netanyahu and Foreign Minister Avigdor Lieberman to strengthen economic bonds and develop partnerships with the Pacific Alliance countries — Colombia, Mexico, Chile, Peru and Costa Rica. The five nations have a combined GDP of approximately $3 trillion, which constitutes 40 percent of Latin America’s GDP. They also form the sixth largest economy in the world.