(Yicai Global) July 3 -- Authorities have started construction of the CNY2 billion (USD300 million) China-Israel Accelerator project, an innovative industrial platform in the city of Zhuhai in southern Guangdong province.

For completion in the first half of 2020, the 74,000 square-meter development will pool innovative resources from the Middle-Eastern country and China, state-owned Xinhua News Agency reported.

The project will promote the implementation of Israel's advanced technology in Zhuhai, with products and established mature business models from abroad selected for further development at the Accelerator.

China held the third China-Israel Innovation & Investment Summit in Zhuhai last June, attracting more than 5,800 delegates from more than 2,700 companies from both nations. The previous two sessions were held in Beijing and Tel Aviv in January and September 2016, respectively.

The fourth session will also be held in Zhuhai from July 2 to July 3 this year. The summit has become an important platform for a series of activities such as the China-Israel business cooperation showcase, enterprise cooperation matchmaking, and investment environment evaluation.

Editor: William Clegg