Israel, Emirates establish joint R&D, tech investment fund

Israel’s foreign trade data show clear and sharp growth in all fields of high tech. According to the Israeli Economy Ministry, for the first time, the export of services has outpaced the export of goods. These services are in large part high tech exported to various countries in the form of programming, offensive and defensive cybertechnology, and more. More precisely, the greatest growth was seen in exports stemming from the sale of start-ups, which grew no less than 257%. The export of programming services grew by 25% and the export of research and development (R & D) services grew by 15%. 

Ohad Cohen, director of the Foreign Trade Administration at the Economy Ministry, told Al-Monitor that the growth is particularly impressive in the realm of cybertechnology and programming services, which today constitute one of the chief pillars of Israel’s economy. According to him, in 2015, exports related to online security were 12% of total Israeli exports, while today these amount to 24%, or $35 billion.

Cohen noted that the coronavirus pandemic has benefitted the field of technology, because it is possible to work remotely without a need for shipping goods or large factories. There has also been a growing global need for cyberproducts, and in general, for these services. Israel supplies excellent and innovative solutions and is perceived as such, and in addition, exports R & D services throughout the world.

In order to accelerate this Israeli advantage, the government authorized Jan. 23 the establishment of a joint investment fund in the area of high tech with the United Arab Emirates (UAE), with the scope of 30 million Israeli shekels ($9.4 millon) a year. This is a binational industrial R & D fund that would support applications for joint activity between Israeli and Emirati companies.