Potential outflow of skilled workers looms

Israeli tech executives went to parliament to sound the alarm. The first blow is a legal coup, this time cutting the Innovation Agency’s budget by about $30 million, threatening to damage Israel’s state support for high-tech.

The budget, which was 414 million dollars under the previous administration, will be about 386 million dollars this time due to horizontal budget cuts in each ministry due to the increased allocation of coalition funds.

Yodfat Harel Bukris, an investment manager at Israel’s Bloomberg Capital Fund, released data on the country’s tech market. This includes a decline in investment in Israeli companies, a drastic reduction in the number of new startups being formed, and large-scale layoffs.

Harel Buklis highlighted the alarming situation and stressed the need for government assistance. “Foreign investors are losing confidence in our ability to execute. Eighty percent of our investments come from abroad. While there is a global crisis, Israel’s decline is disproportionately large.”

“It’s not just about the numbers. There is a negative atmosphere. A whole generation of young companies is being lost. We took 20 years to build from scratch and put it back together in four months. Israel. The locomotives that move them derail and the Treasury doesn’t listen,” she said.

Economic Commission Chairman MK David Bittan addressed the issue, emphasizing the importance of the high-tech sector as the engine of Israel’s economy. He stressed the importance of preventing adverse impacts on the sector to avoid adverse effects on the economy.

While acknowledging the gradual nature of the political process, he expressed hope that the situation would not develop as expected and assured that efforts would be made to avoid such an outcome.

At the conference, Professor Kendall, co-director of the Startup Nation Central Institute, shared his views, stating, “Through 14 years of high-tech research, the Institute’s goal is to bring real value to all Israelis. It was to get it,” he said. High tech for them.

“GDP per capita is a measure of our quality of life, and there is one industry here that competes globally and employs about 11 percent of the workforce. I want to be part of the industry.

“If 10,000 to 20,000 people, including the residents here, leave Israel, the high-tech industry will no longer exist. The question now is when that will happen.”

Labor MP Efrat Raiten stressed the impact of the legislative changes on investment in Israeli companies, stating: “A strong democracy will allow the business sector to open a free and competitive market, rather than relying on proximity to government. can thrive in

“Ongoing legislation, budgets and government decisions point to growing risks of corruption and emergence of uncertainty that will hurt the economy, especially in terms of high-tech investment. It will affect power.”

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