The 2019 Sino-Israel Innovation Summit opened in Qiantang New Area of Hangzhou, Zhejiang province, on May 14.

A group of cutting-edge projects in the areas of biomedicine, education and e-commerce from 11 Israeli hi-tech enterprises were signed to settle in StartupEast China, a Sino-Israeli cross-border incubation platform in the new area aiming to introduce Israeli startups and innovation to the Asian - particularly Chinese market.

"Most of the startup projects in Israel are in the biomedical field. Of course, we hope more Israeli companies will come to China to develop, and we will play an active part in providing support," said Omri Shamir, head of StartupEast China.

To deepen cooperation between China and Israel in innovation and entrepreneurship, an innovation investment fund worth 1 million yuan ($14.55 million) was set up to support startups in the fields of biomedicine, medical devices, artificial intelligence, and the internet of things.

"Israeli innovative startups will be more secure and confident in choosing to develop in China thanks to the investment fund," said Shamir, who is glad to receive support from Qiantang New Area.

The summit and landing projects serve as a bridge for exchanges and cooperation between China and Israel, and will push forward the capacity of scientific and technological innovation and industrial development in Qiantang New Area, said an official from the new district.