Sunday, January 29th | 7 Shevat 5783

February 5, 2015 11:19 am

Israeli Tech Companies Eye Asia to Evade Potential European Sanctions

× [contact-form-7 404 "Not Found"]

avatar by

The Akihabara district in Tokyo, Japan. Israeli companies, with encouragement from the country's government, are increasingly eyeing Asian nations like Japan for their exports. Photo: Wikimedia Commons. – Israeli technology companies are increasingly eyeing Asian markets in order to increase the demand for their products.

In the wake of rising antisemitism in Europe and possible trade sanctions against Israel resulting from advances by the Boycott, Divestment and Sanctions (BDS) movement on that continent, the Israeli government is urging companies to diversify their export markets to other parts of the world.

Recently, several firms in the Netherlands and Denmark ended their business relationships with Israeli companies. But Europe remains Israel’s largest trading partner, with Asia coming in second. The Israeli Economy Ministry estimates that only 1,000 of 3,000 current Israeli exporters trade with Asia. Currently, Asia receives 25 percent of all Israeli exports, not far behind the 27 percent each for the US and Europe. But the figure for Asia comes from exports by just two companies: Intel’s Israel unit and potash producer Israel Chemicals.

Related coverage

January 29, 2023 11:50 am

Israel to Seal Home of Palestinian, 13, Behind Saturday’s Terror Attack in Jlem

i24 News - Israeli government on Sunday voted to seal the east Jerusalem home of the 13-year-old Palestinian perpetrator of...

“We definitely want to reduce our dependence on certain markets in western Europe,” Prime Minister Benjamin Netanyahu said in January. Additionally, Israeli Economy and Trade Minister Naftali Bennett said, “Israel has made a strategic decision to diversify its commerce… I’m talking about China, Japan, India… and it’s working, it’s going very well,” Reuters reported.

Meanwhile, on Monday, the Chinese management consulting firm Shengjing joined forces with the Jerusalem Venture Partners venture capital fund in launching a competition to find global start-ups.

“In the next 10 years, Israeli high-tech will have a significant Chinese component… and China can become a significant player in the Israeli economy,” said Nechemia Peres, co-founder of Pitango Venture Capital,Israel Hayom reported.

Share this Story: Share On Facebook Share On Twitter

Let your voice be heard!

Join the Algemeiner

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.