Focus On Israel
Although frequently in the news for their role in the region’s political struggles and inter-regional hostilities, Israel is very much a nation that’s open to business investment; and with the correct strategy and legal guidance, investors from the UK and beyond can uncover the fantastic trade potential offered by the country.
Home to a well developed market and a highly skilled workforce, Israel’s business practice is similar to a great deal of western Europe. The economy’s growth is expected to see out 2016 at 2.5%, and the International Monetary Fund predicts the country will grow another 3% in 2017.
Doing Business in Israel 2016, a guide presented by The Foreign Investments and Industrial Cooperation Division, states that 42.4% of the nation’s manufactured exports are high technology products; it also shows that Israel is a leading exporter of ICT services, which constitute 62.7% of its service exports.
Israel is currently the UK’s fourth largest market in the Middle East and north Africa region, and with English being prevalent it offers a welcoming business environment for UK companies. Other benefits include a quick adoption of new technologies and ideas, a familiarity with UK business practice, legal systems in place that are similar to the UK’s, and the free trade agreement with the EU.
The UK currently stands as Israel’s biggest trading partner. Bilateral trade is worth £5 billion a year, a total that has been doubled in the last 10 years.
The Department for International Trade list vehicles, pharmaceuticals, general machinery, and chemicals and plastics amongst the top 10 UK exports to Israel and also note further opportunities lie in healthcare, including through medical equipment and healthcare services; energy, and homeland security supplies, such as with CCTV, defence systems, and detection materials.