Join the Economic Mission at WATEC Israel 2013...
Because of its unique position in the world, Israel has quickly grown from fledgling nation into a regional and global agent of change recognized the world over for its dynamic economy.
The Israeli government encourages innovation by spending more than any other country in the Organisation for Economic Co-operation and Development (OECD) on research and development. Israel dedicates 5% of its GDP to research and development, one of the highest percentages of any nation. As a facet of this investment, the Israeli government covers 80%-85% of costs for companies and individuals participating in its network of 24 technology, industry and bio-tech “incubators.” These incubators foster cutting-edge Israeli ideas suitable for the modern market place.
Paired with these incubators is a renowned university system and venture capital market second only to the United States. Relative to its GDP, Israel has the highest percentage of high-tech production of any country in the world. It is this technology, encouraged by the government, that is the engine behind Israeli innovation in sectors from agriculture and energy to the life sciences and software. As a result, Israel has been home to several revolutionary companies such as Teva, Netafim, Better Place and BrightSource (Luz).
Israel has engineered a framework of tax incentives and investor benefits to couple with its progressive economy. This framework is offered to entice public and private ventures of all sizes to do business in Israel. Many major corporations have chosen to take advantage of Israel’s adaptable and skilled work force by setting up shop locally, including: Applied Materials, General Electric, Intel, Microsoft, Google, Siemens, Hewlett Packard, IBM, Unilever, General Motors and Cisco Systems.
With a GDP of 202.1 billion, the Israeli economy is compact and agile. In spite of the most recent recession, the Israeli economy has already seen substantial consistent growth since January 2009, making it one of the fastest recovering developed countries in the world.
Israel is one of the select few countries that contributes to the global market through free trade agreements with the European Union as well as the United States of America. In 2009, Israel imported over $9.5 billion in goods from the Western United States alone and imported more total goods & services from the United States as a whole than any other single nation in the world. Israel dropped its 2009 trade deficit to its lowest levels since 1990 with exports amounting to 86% of imports. In the same year, 2009, Israeli global imports totaled $72.9 billion while its exports totaled $70.4 billion. Israeli industrial exports went up to 83% in 2009 with over half of all exports located in the high-tech sector.
With so many global giants, as well as local entrepreneurs, already leaving their mark in Israeli soil, the country is quickly solidifying its position as a global business leader. Bringing together a skilled workforce, rising economy, and favorable government legislation; Israel is the ideal location to invest and innovate.