By Sol Rieger
An Israeli ministerial committee announced Wednesday a comprehensive action plan to expand bilateral economic ties with China, aiming to double Israeli exports to Asia’s fastest growing economy within five years to about 5 billion U.S. dollars annually.
The plan was approved a day after Israel
 and China signed three major agreements, which were defined by Israel’s
 Economy Ministry as “a significant milestone in Israel-Sino relations.”
Under the plan drafted by the 
Ministerial Committee on China Affairs, the government will allocate 49 
million shekels (about 14 million dollars) a year to the program, 
China’s Xinhua News Agency reported.
It includes government recognition for 
wide-ranging business projects that will be implemented with Chinese 
organizations specializing in knowledge-intensive industries, 
agriculture, environmental protection, energy, water technology and 
health. Working groups for each field will collaborate with their 
Chinese counterparts, advancing Israeli companies’ efforts in China as 
well as creating opportunities for mutual investment.
The plan also includes opening a designated operations center in China, the Prime Minister’s Office said in a statement.
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