Trade relationship between Canada and Israel has already more than 60 years of tradition. It is estimated that current bilateral exchange of goods between these countries has tripled and reached a value of over $ 1.8 billion in 2008. Significant role in such a spectacular result has free trade agreement which was signed in 1997. Since then, opportunities for Canadian companies have been on the upswing. Current Government of Israel wants to invest in projects related to renewable energy and attracts Canadian companies with many economic stimulus packages. It is expected that 2.5% of Israel’s power needs at an estimated cost of $700 million. Till 2020, Israel wants to have 10% of its energy needs from renewable sources, mainly through introducing new projects based not only on solar technology but also on wind. The Government of Israel will soon establish resolution related to development of land and sea infrastructure. Canadian companies also want to look for joint venture opportunities with Israeli companies on third country markets, especially in life sciences, information and communications technology, aerospace and defence and security. Finding a local partner Canadian companies will have the possibility to expand into new markets not only in Israel but also in markets of third world countries as India.