How Israel’s economy impacts on the UK
For over a decade now, trade between Britain and Israel has been booming. And if Brexit is to bring changes, that growth is only expected to be accelerated.
The size of Britain’s annual trade with Israel is now valued at well over US$6 billion. This is staggering. Consider that Israel is not the USA nor part of the EU nor part of the Commonwealth. There are relatively few arms’ sales between the two countries.
However, bilateral trade is not all the Israel contributes to the British economy. A few days ago, the Secretary of State for Wales declared that the Israeli company “Lordan UK Ltd’s £1million investment into Wales is an example of the new investment opportunities that have arisen since the Israeli business delegation visit to Wales in 2015, which has generated further job and business growth.”
Following on from that, Mark Garnier, who is the Secretary of State for International Trade, responded to a question from a fellow MP on the benefits of trade with Israel.
UK Trade and Investment, now known as the Department for International Trade, was actively involved in assisting 29 Israeli companies to set up or expand their operations in the UK and create 560 new UK jobs in 2015. The UK is the number one destination for Israeli FDI in Europe and there are now more than 300 Israeli companies established in the UK. Israel is an important trading partner for the UK and we are committed to further strengthening our trade and investment relationship.
And that is not all. “29 Israeli organizations are listed on London Stock Exchange across the Main Market and AIM, with a combined market capitalisation of $10.2 billion.” “Mind the Tech” is a massive UK-Israel technology conference in London, taking place next week. In my own work, I know of several joint Israeli lawyers, accountants, and other services with offices in both countries.
Bottom line, and maybe there is a message here for the Trumpish politicians in the world. Do not close your country off to trade not dally with boycotts, because trade has benefits for all. Britain has proven this conclusively, as it continues to welcome Israeli goods, know-how, and services.
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