The Shanghai Stock Exchange and the Tel Aviv Stock Exchange (TASE) signed a memorandum of understanding on Monday to enhance cooperation, said a statement released by the two bodies.

The cooperation agreement is "yet another reflection of the interwoven and close ties between the two countries, and will manifest in an enhanced cooperation between the two exchanges," said the statement obtained by Xinhua.

A key aspect of the deal will be an exchange of delegations to deepen Israeli businessmen' knowledge of the Chinese market and stock exchange and vice versa, it added.

These reciprocal visits will hopefully generate and promote interest in both the Shanghai Stock Exchange and the TASE, and will encourage investments and cooperation in various aspects of the markets and economies, the statement said.

TASE Chief Executive Officer Ester Levanon praised the reputation of the Shanghai Stock Exchange, saying that "We are delighted to sign this cooperation agreement between our two exchanges."

Levanon also voiced commitment to "working closely with Shanghai over the coming years and to creating opportunities to develop investment between our markets."

(Xinhua News Agency November 11, 2008)