The China-Israel Innovation Hub was launched at Taopu Smart City in Shanghai's Putuo District on Sunday, underlining the two nations' goals of strengthening their scientific and innovative cooperation.

The hub will promote the scientific and technological innovations from both nations and will mainly focus on joint R&D projects. It also aims to attract Israeli universities, research institutions and enterprises to Shanghai.

An innovation fund of one billion yuan ($145 million) will also be established for the first phase of the hub.

According to Wang Zhigang, China's Minister of Science and Technology, the hub is expected to bolster scientific and technological achievements, accumulate financial capital and attract top talents while setting an example for global cooperation on innovation.

"The establishment of the innovation hub will bring new development opportunities to Israel as the two sides complement each other in many aspects," said Zvi Heifetz, Israel's ambassador to China.

He added that Israel will support the development of the innovation park and help Shanghai become a hub for science and technology innovation.

Shanghai Mayor Ying Yong noted that the city should join hands with Israel in service provision and policy making to make the innovation hub an ideal place for talents from around the world to start their businesses.

During the opening ceremony, 10 enterprises and institutions including Trendlines, an Israeli incubator that focuses on the fields of medicine and agriculture, signed agreements to set up bases in the innovation park.

"Shanghai boasts abundant medical equipment and leading medical teams and this provides a favorable environment for innovation in this field," said D.Todd Dollinger, chairman of the board of Trendlines.

More small- and medium-sized enterprises should be established and cultivated to create a sustainable business environment in the hub, the company said.

"We warmly welcome scientists, engineers and entrepreneurs all over the world to work, invest and start businesses in China so as to build a global innovation network that is mutually beneficial for all," Wang said.

Tang Xiaofan contributed to this story.