First international parallel incubation center settles in Guangzhou

The signing ceremony of the Sino-Israel International Life Science Parallel Incubation Center is held in Haifa, Israel on Nov 19. [Photo provided to chinadaily]

Guangzhou signed a contract with Israel on Nov 19 to establish the Sino-Israel International Life Science Parallel Incubation Center on Guangzhou International Biotech Island.

This is the first international parallel incubation center that operates in two countries and is a new milestone in the process of building a unique international scientific and technological innovation platform in Guangzhou.

Based on government guidance, professional operation, complementary resources and market forces, the parallel incubation center will make full use of the advantages of both sides to equally filter projects, allocate resources, provide financing services, and promote marketing for start-up high-tech companies in China and Israel.

The parallel incubation center is promoted by Guangzhou Development Zone, Guangzhou Sino-Israel Bio Industry Incubation Center and Israel MindUP Incubation Center.

MindUP, Haifa's digital health incubator, is a joint venture between Medtronic, IBM, Pitango Venture Capital, Impact 1st Investments and Rambam Medical Center in collaboration with the Israeli Innovation Authority. MindUP focuses its investments in the areas of many enabling technologies, such as big data, telemedicine, advanced point of care diagnostics, personalized medicine and more. It currently has more than 10 ongoing innovation projects, with further investments expected to incubate a number of international innovative enterprises over the next eight years.

Guangzhou International Biotech Island is the core platform of Guangzhou Bio-industry. It puts emphasis on introducing domestic and overseas high-end biotechnology enterprises, biotechnology research and development institutions, biological service enterprises and organizations, and relevant financial investment organizations. There are now more than 200 biotechnology enterprises operating in the area, representing an investment in biotechnology and infrastructure of more than 10 billion yuan ($1.44 billion).

Zhou Yawei, secretary of the Party Working Committee of Guangzhou Development Zone, said that the cooperation between the two countries will attract Israeli and other internationally famous innovation enterprises and multinational corporations to settle in Guangzhou and help the city to upgrade its technological level and infrastructure.

Ehud Olmert, former prime minister of Israel, showed appreciation towards the establishment of the Guangzhou Sino-Israel Bio Industry Incubation Center and expects to see more cooperation in high technology field between the two countries.