New figures published by the British Embassy in Israel have revealed that the number of Israeli companies active in the UK has increased since the Brexit vote in June last year. From June of 2016 until May of 2017, 28% more companies have entered the UK than in the previous year.
A total of £152 million has been invested in the UK by Israeli companies (a rise of 33% compared to last year) which in turn has led to 888 new jobs.
Barry Grossman, Commercial Attaché of the British Embassy in Israel, said: “Companies continue to set up businesses in the UK, and even more than in the past. People have understood that the referendum created more opportunities, and I think Britain will put more emphasis on developing its trade in the world”.
He added: “We want to reach a free trade agreement between Israel and Britain as soon as possible”.
He also said that the Israeli companies receive financial incentives such as tax benefits, and municipal benefits where local authorities want to create jobs and easy access to finance and consumers.
The data published excludes the £150 million invested in infrastructure and renewal projects invested by Israeli financial institutions over the past year.
Total trade between Israel and the UK is reported to have reached in excess of £6 billion in 2016.
International Trade Minister Mark Garnier last week underlined that the UK is committed to strengthening its “strong and important” trading relationship with Israel, stating that both governments “liaise closely” on maximising future trade opportunities.
Minister Garnier confirmed that as the UK leaves the European Union, it will seek “to replicate” the existing EU-Israel Association Agreement and have established a joint trade working group between the two countries.