Israel To Boost Manufacturing Sector With $300M Investment

By NoCamels Team January 07, 2018 Comments

Ministry of Finance LogoJanuary 7, 2018 | Israel’s Finance Ministry said last week that it plans to invest some 1.5 billion shekels (roughly $333 million) over the coming years to boost the country’s manufacturing sector in order to increase competitiveness, Reuters reports. The ministry’s director general, Shai Babad, “recommended allocating 675 million shekels towards research and development and technological innovation, 365 million shekels to increasing skilled manpower and 110 million shekels to removing regulatory barriers,” according to the report. “The plan … will help provide the tools for traditional industry to improve human capital and productivity while adopting new technologies,” Babad was quoted as saying. In addition, the Israel Innovation Authority and the Ministry of Economy said last week that their budget for traditional industry would increase from 85 million shekels (over $24 million) in 2016 to 125 million shekels (over $36 million) in 2018.

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