Finance Minister Bezalel Smotrich announced the formation of a team to examine the consequences of the collapse of the Silicon Valley Bank in the United States for the Israeli technology industry and to make recommendations for assistance.
The team will be led by the Director General of the Ministry of Finance, Shlomi Heisler, and will include representatives from the Ministry of Finance, the Bank of Israel, the Israel Securities Authority and the Israel Security Authority. innovation.
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The Finance Ministry announcement says the team will be in contact with local technology companies and with venture capitalists and financial institutions in Israel and the United States to obtain data and analysis of the possible effect on the Israeli economy, and formulate solutions. for Israeli businesses to the extent that they are needed.
Shortly before the bank’s collapse, Smotrich held a meeting with representatives of Israeli tech companies to discuss the overhaul of the judicial system that the government is legislating. On this subject, there are deep differences of opinion between the leaders of the tech industry, who see the legislation as a threat to the industry, and the minister, who is one of the main supporters of the reform of the system. judicial.
“The bank’s collapse is a significant event for both the American and Israeli economies,” Smotrich said. “We promised to act to make Israel’s economy an island of stability and certainty in the turbulent waters of the global economy, and with God’s help, that is what we will do. The State of Israel will stand with the local tech industry and help it overcome the crisis and continue its development and activity.
Published by Globes, Israel business news – en.globes.co.il – March 12, 2023.
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