Israel will deepens its involvement in the developing world, increasing trade and investment, Prime Minister Binyamin Netanyahu said Monday as the Cabinet approved an inter-ministerial committee headed by the director general of the Prime Minister’s Office that will be given authority to decide which countries Israel will focus on and in which fields.

The committee will also provide incentives for the private sector to get involved in development projects and will examine the possibility of setting up an Israel development bank.

“This step continues to establish Israel’s standing in the world,” Netanyahu said at the weekly Cabinet meeting. “It joins a series of decisions that we have led to strengthen economic ties with global markets, especially India, China and the countries of Latin America and Africa. Israel is a global leader in technology, agriculture, water, health and medicine. We have vast export potential and we are realizing it thanks to the correct policy of the government. The moves that we are leading will strengthen not only the Israeli economy, but also our diplomatic ties on every continent.”

A statement from the PMO noted that according to the United Nations, some $4 trillion would be required annually to meet the world body’s international development goals by 2030. The statement also noted that Israel has a relative advantage in five  of 17 fields designated by the UN: water management, advanced agriculture, health services, innovation and energy.

The statement said the government would assist Israeli companies in getting involved in development projects enabling them to increase revenues and thus strengthening the Israeli economy and Israel’s diplomatic standing.