Israel to boost economic ties with Latin America

Jerusalem, May 19 (IANS) The Israeli government Sunday approved a plan worth of about 14.5 million dollars to strengthen economic ties with the Pacific Alliance and other Latin American countries, Israeli Prime Minister's Office said.

The plan includes reopening the Israeli embassy in Paraguay, setting up two new commercial attaches' offices in Chile and Peru, cooperating with the Inter-American Development Bank on a designated fund in industrial research, and further supporting Israeli embassies in Mexico, Colombia and Costa Rica, Xinhua reported.

It's also expected to boost the number of incoming tourists from Colombia and Mexico for the next three years, and seal more trade and research agreements with Latin American countries.

"We are making a concentrated and focused effort to vary our markets, from our previous dependence on the European market, to the growing Asian and Latin American markets, in which Israel needs to take a small market share and bring about growth, employment and social welfare," Prime Minister Benjamin Netanyahu said.