Israel’s Foreign Investments Drop by 60% in First Quarter of 2023

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Finance Ministry: Israel's Foreign Investments Drop by 60% in First Quarter of 2023
Data reveal that Israel attracted approximately $2.6 billion in foreign investment during the initial three months of this year, marking a substantial 60 percent drop when compared to the average quarterly figures observed in 2020 and 2022.
https://www.palestinechronicle.com/finance-ministry-israels-foreign-investments-drop-by-60-in-first-quarter-of-2023/

Foreign investment in Israel plummeted 60 percent during the first quarter of the year, according to a report released by the Israeli Finance Ministry on Wednesday.

Data reveal that Israel attracted approximately $2.6 billion in foreign investment during the initial three months of this year, marking a substantial 60 percent drop when compared to the average quarterly figures observed in 2020 and 2022.

"The decrease is reflected in both the number of transactions and the number of investors — both decreased by a third compared to past years,'' the report states.

Despite the report acknowledging that the reduction in investment in Israel may be linked to both "local and international uncertainties,'' it does not directly address the Israeli far-right government's judicial plan, which has sparked massive protests and strikes across the country and led companies to move out of the market.

The report comes after Israel in July dismissed the credit rating agency Moody's report, which warned about "negative consequences" and "significant risk" for the occupation state's economy following the passage of the first bill of the government's controversial judicial reforms.

"International financial corporations and the international high-tech industry regard states such as Israel as unstable and risky destinations for foreign investment," Professor Ilan Pappé wrote in a recent article for The Palestine Chronicle.

"In fact, they are already pulling their funds and investments away from Israel. The BDS movement would have to work very hard to convince unions and churches around the world to divest from Israel billions of dollars in order to match the funds that have already been taken outside Israel since November 2022," Pappé added.