Jerusalem, Sep 5 (IANS): Israel and Japan have signed a document of understanding to promote economic and innovation cooperation, the Israeli Ministry of Economy and Industry said in a statement.

The document was signed in Tel Aviv on Monday by Israeli Economy Minister Nir Barkat, and Japanese Economy, Trade and Industry Minister Yasutoshi Nishimura, who is visiting Israel together with a business delegation of 80 Japanese companies.

Cooperation agreements between Japanese and Israeli companies were also signed in the presence of the Ministers, Xinhua news agency reported.

Barkat announced an official visit to Japan next month, during which he will lead an Israeli business delegation and meet Japanese government officials and business representatives.

In 2022, the trade volume between Israel and Japan amounted to $3.39 billion, of which $2.075 billion are Israeli imports from Japan, and the rest are Israeli exports to Japan, according to the statement.

The main Israeli exports to Japan are machinery, electrical equipment, optical and medical devices, chemical products and food products, while Japan mainly exports machinery, electrical equipment, and vehicles to Israel.