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Israel Trade & Economic Office

New York, NY U.S.A.

Israel signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters

category: News
As a part of the measures being taken by the Ministry of Finance to increase enforcement against tax evaders operating outside of Israel and Israel’s commitment to keep generally accepted international standards, Israel joined the
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Israel and Panama Complete Negotiations on Free Trade Agreement

category: News
In 2016, Panama Will Join the List Of Countries with which Israel Enjoys Free Trade Agreements, Including the US, the EU, AFTA Countries, Canada, Turkey, Mexico, Colombia, Brazil, Argentina, Uruguay and Paraguay JERUSALEM –November 26th,
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Top Toyota Execs To Meet Director General of Israeli Ministry of Economy and Auto Supply Delegation

category: Uncategorized
Toyota executives to meet director general of Israeli Ministry of Economy and delegation of Israeli auto supply companies; Additional meeings to be held with representatives of Honda, Suzuki, Daihatsu, Panasonic, Murata, Densi and others New Israeli
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The IMF released a preliminary report of the Israeli economy for 2015

category: News

The Bank of Israel published that IMF mission, headed by Mr. Bas Bakker, presented the Minister of Finance, Mr. Moshe Kahlon., and the Governor of the Bank of Israel, Dr. Karnit Flug, with its preliminary 2015 Article IV Consultation Concluding Statement on Israel's economy. The IMF is expected to publish within two months its final report on the Israeli economy for 2015. 4 key points emerge from this report:
  1. Israel’s economy is performing well. After the global financial crisis, Israel, unlike other countries, maintains its GDP growth and the creation of employment (employment rate increased in 2007 from a rate of 59% to 68%).
  2. Some challenges remain: A. The fiscal deficit remains stubbornly high, leaving limited buffers to respond to shocks. B. Negative inflation, below the Bank of Israel’s target, but housing prices continue to rise. C. Low labor productivity and the gap with the US is widening. D. Income inequality is among the highest in the developed countriesOutlook:
  3. Positive economic outlook. Expected growth is 3% (up from 2.8% in 2014), due to strong private consumption growth. This is driven the rapid increase in employment, inear-zero interest rates, falling import prices, and the rebound from the impact of military operations last year. Inflation will turn positive, reaching ¾ percent at the end of the year and the target band next year. There is not much slack in the economy: staff judges that the output gap is near zero. In the medium term, output will grow around 3-3 ¼ percent-in line with our current estimate of potential output growth.
  4. Risks to the outlook are balanced. Growth could disappoint if growth in Israel’s trading partners were weaker, geopolitical tensions in the region heightened, or the shekel appreciation continued. A sharp correction in housing prices could also slow growth. Growth could also be stronger than expected, for example, if trading partner economies recover faster or investment in the natural gas sector increases. Monetary tightening in the United States would likely help Israel, as it would exert downward pressure on the shekel, which would boost growth and inflation.The IMF is expected to publish within two months of the final report on the Israeli economy for 2015. For the full report in English, visit the Bank of Israel.
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From Oranges Nation to Startup Nation

category: News
With the establishment of the State, the citrus industry was the main export industry, with Yafo (Jaffa) oranges brand becoming identified with the young country.   The changes in Israel’s export were, some might say, revolutionary. According
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Israel’s open innovation ecosystem praised once again

category: investment
A delegation from the Inter-American Development Bank visited last month in Israel. Led by the Chief Scientist of the Bank, the delegation which comprised of the represntatives of the Technology and Innovation
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Israel diamond exports rise slightly in 2014

category: News
In 2014, export of polished and rough diamonds from Israel totaled around $9.324 billion, as compared to $9.166 billion in 2013. Israel continues to view the American market as its primary export destination, which account
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What Startups Can Learn from the “Startup Nation”

category: News
What is the best way to create the type of innovative, entrepreneurial ecosystem? Some of the lessons which have helped Israel transform into an international powerhouse in hi-tech innovation – with the highest ratio of
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Israel’s Homeland Security Industry: Utilizing Innovation To Keep Us Safe

category: Uncategorized
With the opening of One World Trade Center where the Twin Towers once stood, we are again reminded of the continuing threat global terrorism poses to our freedom and way
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Meet The “NaNose” Breathalyzer Test Device: An Israeli-American-British Development That Sniffs Out Lung Cancer Before It Spreads

category: Uncategorized
Lung cancer is considered the deadliest of all cancers, the culprit for over 27 percent of all cancer deaths in the U.S. annually. However, the reason for this worrisome statistic derives not from the fact
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