The UK and Israel: A vibrant story of innovation, collaboration, tech & trade

After a great London Tech Week a couple of weeks ago, which included a bespoke business programme for DIT Europe's #TechRocketshipAwards winners (among them Israeli company Kando), and last week's European Green Investment Summit, I wanted to take a look back and reflect on my first official overseas engagement as the UK's Trade Commissioner to Europe, which was to...

...ISRAEL!

Which - with apologies to geographical purists - is included in DIT’s Europe network.?

I accompanied the then Secretary of State for Trade and now Foreign Secretary Liz Truss, and was delighted to meet Israel’s Minister of Economy Orna Barbivai to discuss a future advanced trade agreement between the UK and Israel, building on our strong existing trade relationship.

Israel is a close and highly-valued trading partner for the UK. We have much in common and?Israel was the first major economy to sign a Trade Continuity Agreement with the UK after we left the EU. We enjoy nearly identical levels of GDP per capita; and the UK is Israel’s biggest trading partner in Europe (and 3rd globally). Both countries have vibrant and seemingly ever-growing tech industries.

We were hosted by Her Majesty’s Ambassador to Israel Neil Wigan, DIT Country Director Matthew Salter, and the fantastic DIT Israel trade team.

Alongside the Prime Minister’s Trade Envoy to Israel, Lord Austin of Dudley, we participated in an impressive reception on board HMS Richmond to promote UK companies in Israel such as Crossrail International and Virgin Atlantic.

My 5 new discoveries about UK-Israel trade:

• Over 500 Israeli firms operate in the UK, providing 1,000s of jobs in high value sectors, across the whole of the UK
• There are around 80 Israeli tech start-ups in the UK, more than anywhere else in Europe.
• Over 20 Israeli firms are listed on London Stock Exchange and AIM.?
• Approximately 1 in 6 generic drugs supplied by the NHS come from Teva Pharmaceuticals, based in Israel.
• The UK and Israel collaborate closely on academic research; and the UK is Israel’s 3rd closest partner on academic qualifications.

What is DIT doing, and why are we doing it?

1.??????We are delivering trade and investment between the UK and Israel

We encourage UK exporters to take advantage of the many vast opportunities in Israel, and particularly to engage with the Israeli tech landscape.

We are additionally supporting Israeli companies to help them invest in the UK to take advantage of the UK's leading position as a global investment destination. The Tech Rocketship winners' programme is one example, but we do so much more with dedicated investment professionals in Israel and the UK.

2.??????The UK and Israel are playing to each other's strengths

Israel and the UK are of significant economic importance to each other. Collaboration with Israel in technology sectors such as Digital Health and Smart Mobility make Israel a natural partner.

Israel is a major source for new developments?in the tech sector and Israeli tech?companies are keen to expand, invest and grow overseas. This?is especially the case with cyber security, data?analytics, other software applications and?communications. The UK, is a large market for?adoption and procurement of technology and a key route to international markets for Israeli inward investment.??

3.??????The impact = economic recovery, growth and job creation

DIT Israel works alongside the UK-Israel Tech Hub,?founded by the UK government in 2011 to drive economic growth by helping British companies partner with cutting-edge technology from Israel, while positioning the UK as a partner of choice for Israeli companies to expand globally. To date, the Tech Hub has generated over 200 tech partnerships between the UK and Israel in deals worth more than ￡100 million, adding an estimated ￡1 billion to the UK economy.

And the positives don't end there: facilitating partnerships with innovative Israeli start-ups has been proven to increase productivity for many large UK firms and has shown spill-over effects to the broader economy across a range of sectors, facilitating economic growth and creating jobs as we build back better from Covid-19.

What next? Tech tackling climate change!

Our shared mission is to meet the unprecedented challenge of climate change head-on, and to work with our business partners to embrace UK green investment?opportunities, linked to the Prime Minister’s Ten Point Plan for a Green Industrial Revolution.

This ambitious plan will mobilise ￡12 billion of government investment, spurring up to three times as much private investment by 2030, and supporting the creation of up to 250,000 jobs. The Global Investment Summit on 19 October will truly bring this to life.

This will enable us to support Israeli and European businesses to make the most of clean growth opportunities across a number of related tech and innovation sectors.

I had a fantastic trip - including a visit to the beautiful Bahai gardens in Haifa, below?- and hope to be back in person as soon as possible,?to explore how we can further strengthen our already solid cooperation.

The UK's Department for International Trade in Israel is @Matthew Salter