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by i24 News
From left: Israel’s Minister of Science, Technology and Innovation Orit Farkash-Hacohen; CEO of Start-Up Nation Central Avi Hasson; and Amina Benkhadra, general director of Morocco’s National Office of Hydrocarbons & Mines (ONHYM) at the “Morocco-Israel Connect to Innovate” in Casablanca, May 2022. Photo: Courtesy.
i24 News – Almost 70 percent of Israeli startups have taken steps to relocate parts of their operation outside Israel due to misgivings over the government’s planned judicial overhaul. The figure comes from a survey by the Start-Up Nation Central non-profit seeking to gauge the economic impact of the controversial reforms.
Israel’s world famous tech sector is one of the country’s major growth drivers, accounting for 15 percent of of economic output, upward of 50 percent of exports and 25 percent of tax income.
While typically reluctant to comment on Israeli politics, many tech CEOs have in recent weeks criticized the reforms to judiciary being pushed through the parliament by the rightist coalition headed by Prime Minister Benjamin Netanyahu.
Earlier this year, some 80 percent of business leaders in the Israeli high tech sector reported meeting cancellations by investors due to the overhaul.
The survey published on Sunday canvassed employees of over 500 Israeli high tech companies; 68 percent of the respondents said their companies “have begun taking active legal and financial steps, like withdrawing cash reserves, changing HQ location outside Israel, relocation of employees and conducting layoffs.”
“Concerning trends like registering a company abroad or launching new startups outside Israel will be hard to reverse,” said Start-Up Nation Central CEO Avi Hasson.
Moreover, 22 percent of companies said they have diversified cash reserves outside Israel and 37 percent of investors say companies in their portfolios have withdrawn some of their cash reserves and moved them abroad.
The survey was released as lawmakers began debating a bill that would prevent the Supreme Court from quashing legislation on the grounds of manifest “unreasonableness.”
