Yesterday, a delegation of 65 American investors, technology executives and venture capitalists arrived in Israel to provide support to the Israeli technology sector amid a war waged by the occupation in the Gaza Strip.
Yedioth Ahronoth newspaper reported today that the delegation is led by the CEO of the social media network Meetup.com, David Siegel, along with managing partners from the investment arms of Bain & Company and Apollo Investments.
The “Al-Aqsa Flood” operation, launched by the Palestinian resistance on October 7, dealt a severe blow to the Israeli technology sector, which is one of the most important economic sectors of the occupation.
According to the newspaper, the delegation is scheduled to meet – within the next three days – with President Isaac Herzog, Minister Benny Gantz and Minister of Economy, Nir Barkat, to hold discussions.
The delegation also intends to visit the Gaza envelope settlements and meet Israeli army soldiers, families of Israelis detained by the Palestinian resistance movement Hamas, and local business figures.
According to the newspaper, the delegation will support Israeli entrepreneurs and companies.
The newspaper quoted Siegel as saying: “After October 7, we feel that companies in the investment and technology sectors must stand by Israel. This means more than just donating… (We must) be present to say that we have always been and will remain here to support the environment.” College for Israel’s booming technology sector.
He added: “The technology community recognizes the growing need for support now, especially when so many Israeli entrepreneurs and their workforce are at the forefront as reservists (in the war on Gaza).”
For his part, Bain Capital investor Ron Miasnik said that the delegation is there to help deal with the economic turmoil caused by the war, adding: “We focus on supporting and assisting in the global reconstruction of the Israeli technology industry.”
Left behind
A Yedioth Ahronoth report published last week quoted experts as saying that “the Israeli technology sector has begun to lag behind.”
The newspaper pointed out that the Israeli high-tech sector – which was characterized by vitality and transparency – has now become more like a refuge and is living in slumber without a horizon for life to return to normal.
Earlier, a report issued by the accounting firm Price Waterhouse Israel revealed an unprecedented decline in sales and public offerings of Israeli companies, exceeding 50% compared to 2022, which is the lowest level in 10 years.
Figures about the technology sector in Israel
The high-tech sector represented 18% of Israel’s GDP in 2022, becoming the largest contributor to the GDP, according to data from the Israeli Innovation Authority, and the sector’s production doubled to 290 billion shekels ($78.6 billion) in the same year, from 126 billion shekels ($34.15). billion dollars) in 2012.
According to the data, high-tech sector exports represented 48.3% of total Israeli exports in 2022, amounting to $71 billion, a growth of 107% compared to what was recorded in 2012. 401.9 thousand employees work in this sector according to 2022 data.
