By Eyal Eliezer
It is incumbent on Invest in Israel, as with any other professional service, to consistently be seeking ways to better promote ourselves and our services, particularly given the degree of foreign investment competition from rival entities. This requires a different mode of thinking, as well as a more competitive benefits and conditions.
Foreign investment is one of the growth engines of the Israeli economy. It has led to growth in research and development activities (55% of R&D investments in Israel are brought about by foreign companies), contribution to the creation of new jobs, increasement in employee productivity, contribution to wage increases and improvement in employment conditions, in line with international standards.
In recent years, Invest in Israel has witnessed welcome growth in foreign investment, while over four years investment volume has doubled to an impressive $22 billion. This is in no small part down to Israel's regard as an "innovation nation" and a "start-up nation", but, by the same token, more and more companies are showing an interest in the advanced production capabilities in Israel.
During the course of my tenure as Director of Strategy and Marketing at Invest In Israel, I have sought a more proactive role in promoting foreign investments in Israel. One of the means by which we have been able to achieve this is by launching a process of roundtable discussions and consultations, seeking the input of various vested sectors and stakeholders, designed to formulate a comprehensive and reliable situation on foreign investments, and to examine how we should continue to promote them.
This process was made possible by way of an understanding that cooperation between representatives from various disciplines – and their respective personal experiences – would lead to the creation of power modifiers, promote collaborative work, and further benefit Israeli industry.
We were able to assemble over 300 key decision-makers and stakeholders. Intersectoral table participants comprised government and private sector representatives in Israel, including legal firms, accountancy and investment consultancies, third sector and professional unions, with an emphasis on the business environment, and, specifically, on bureaucratic and regulatory procedures.
In terms of our regional table, our focus was to learn from the experience of industrial zone managers, local government and financial companies with regard to their needs, their inner workings and their practical solutions. We met with foreign and local industrial companies operating in certain sectors, expanded our data infrastructure and shared our knowledge at a dedicated forum with leading research and academic bodies in the field of foreign investments.
Furthermore, as a result of the roundtables, we were able to forge a networking process between the participants, creating business collaborations towards the promotion of foreign investments. This is, in essence, one of Invest in Israel's main purposes: the creation of an eco-system that supports the business environment, tends to foreign investors along their journey, and enables them to establish and deepen their activities.
The sharing of ideas and experiences is an essential and effective tool for streamlining government bureaucracy, strengthening and solidifying partnerships, as well as perfecting the joint actions of the public, business and third sectors.
I am pleased to state that this initiative has indeed led to an important, ethical and practical contribution that will enable us to preserve Israel's status as an attractive destination for foreign investments. These roundtable initiatives have also allowed us to gain a clearer insight into the current situation on the ground, as well as to formulate practical recommendations for creating a stable, supportive and collaborative environment, which will facilitate a foreign investor in his prospective investment in Israel.
In the course of recommendations, which were proposed and enacted, we have helped encourage and streamline foreign investment activities in recent times, and they stand as a proud feature of Invest in Israel's identity.
