Vietnam and Israel aim to increase bilateral trade to 2 billion USDby 2016, officials said at the first Intergovernmental Committee meetingon September 30.

At the meeting, Vietnamese representativessaid Vietnam was encouraging Israeli companies to invest in industrieswhere Israel has great potential, including agriculture, hightechnology, information technology and telecommunications.

Thetwo sides also agreed to map out suitable policies early to createfavourable conditions for their respective business communities toimprove cooperation in the production and use of recycled power.

Israelirepresentatives also said Israel would continue cooperating withVietnam in the implementation of the financial protocol.

At themeeting, Vietnam also suggested that Israel make early comments on thedraft of the cooperation agreement on customs between the two countries.

Trade between Vietnam and Israel has steadily increased in pastyears. Figures from the General Department of Customs show thatbilateral trade between the two countries reached 605.24 million USDlast year, a 38.15-percent year-on-year increase. Of these, an estimated400.61 million USD came from Vietnamese exports.

Mobile phonesand components were Vietnam's key export to Israel, reaching 200 millionUSD last year, a 107-percent year-on-year increase.

The valueof Vietnamese seafood, coffee, cashew nuts, footwear and textiles andgarments exports to Israel likewise increased significantly last year.

Israelranked 62nd among 101 countries and territories investing in Vietnamlast year, with 16 projects worth 20.65 million USD.-VNA