(Yicai Global) Aug. 20 -- Chinese cyber-security company Qihoo 360 will team with Israel to set up the China-Israel Cybersecurity Technology Innovation Center, Beijing Business Today reported, citing the firm's announcement at the two-day Internet Security Conference 2019 that started yesterday in Beijing.

Beijing-based Qihoo 360 and Israeli businesses will also jointly set up a Qihoo 360-Israel Network Security Sector Development Fund and construct a China-Israel Network Security Technology Collaborative Innovation Industrial Park in an unspecified location.

After more than 10 years' development, Israel has become a home to over 500 network security companies and amassed rich experience in industrial synergy, military-civilian integration, technology exports and other areas, said Avi Dichter, chairman of the Israeli parliament the Knesset's Foreign Affairs and Defense Committee. Israeli network security businesses hope to share their experience in computer security with China in the future and conduct more in-depth cooperation, he added.

With a population of over 1 billion, China has huge security demands in both business and customer scenarios, said Zhou Hongyi, Qihoo 360's president. As China's leading internet security firm, Qihoo 360 can vouch for its Israeli counterparts and stand as a bridge via which Israeli companies can enter China for mutually-beneficial cooperation.

Editor: Ben Armour