JERUSALEM (JTA) — China’s Fosun International conglomerate said it will open a technology incubator in Israel.
Fosun International Chairman Guo Guangchang told Israeli Prime Minister Benjamin Netanyahu of the plan, first reported in the Israeli business daily Globes on Wednesday, during Netanyahu’s visit last month to China.
“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,” according to a statement from the Prime Minister’s Office cited by Globes. “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.”
It is not known where the incubator will be located.
The announcement comes after the acquisition in April of the Israeli-based Alma Lasers company by Fosun Pharmaceutical for $240 million.