Minister Gamaliel ordered the formulation of a multi-year investment plan for the high-tech industry

Minister Gamaliel ordered the formulation of a multi-year investment plan for the high-tech industry

Minister of Innovation, Science and Technology Gila Gamliel today (Sunday) convened the Ministerial Committee for Innovation, Science and Technology under her chairmanship, for an emergency discussion in which the main points of the Innovation Authority's annual report on Israeli hi-tech were presented. The Minister ordered the Innovation Authority to formulate a multi-year investment plan within two weeks for the high-tech industry and to outline a long-term strategy for preserving Israel's supremacy. In the discussion with the participation of Minister of Economy Nir Barkat, Minister of Agriculture Avi Dichter, Minister of the Negev and Galilee and National Security Yitzhak Wasserlauf, President of the Association of Industrialists Ron Tomer, representatives of the Ministry of Finance and the head of the National Economic Council and economic adviser to the Prime Minister Avi Simhon , and high-tech company executives, the participants noted the importance of putting the issue on the national agenda and the need to create a horizon, stability and certainty for high-tech investors.

Minister Gamaliel said: “High-tech is the growth engine of the economy, and its importance to the Israeli economy is acute and is a major growth engine and shock absorber in times of crisis. Upon assuming my duties, I set a central goal of formulating a multi-year plan for the development of the Israeli high-tech industry and ensuring the scientific and technological superiority of the State of Israel, which is a necessary basis for a solid economy and national security.”

With reference to the data of the annual report indicating the great dependence that the Israeli economy has developed on the Israeli high-tech industry – a dependence that deepened during the months of the war, the Minister noted the importance of setting clear goals for execution and meeting the challenges while improving the various indicators. The main strategic steps that the Minister will lead and will be submitted to her request by the Innovation Authority within about two weeks , will include, among other things, the allocation of dedicated budgets to deal with the consequences of the war such as investor boycotts, a tendency to move companies/employees abroad and an increase in anti-Semitism that makes it difficult to raise capital.

Further in the discussion, the minister emphasized the need for a significant increase in the annual government investment budget in high-tech and its adjustment to the ongoing increase in the state budget beyond the additional budget given this year and the creation of new mechanisms to encourage investments by Israeli institutional bodies in local high-tech companies: “Every shekel invested in high-tech is a strategic investment that yields a return Significant for the calcareous and the Israeli society. Investing in laboratory infrastructure, research and human capital will allow Israeli high-tech to be competitive and a leader in the medium and long term as well.”

Photo: Spokesperson and Communications Ministry of Innovation, Science and Technology

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