Israeli Finance Ministry Unveils 1.6 Billion Shekel Aid Package for High-Tech Sector

The Israeli Finance Ministry has introduced a 1.6 billion shekel aid package aimed at supporting the high-tech industry amid the rapid strengthening of the shekel over the past year, which has posed challenges for the sector. The plan focuses on providing nearly one billion shekels for a fast-track support track targeting startups and growth-stage companies, offering grants matched by the recipients to extend their operational runway, sustain growth, and maintain activity within Israel.

Notably, the Finance Ministry's plan does not include the option to pay taxes in dollars instead of shekels, a measure that industry representatives had requested. Additionally, the program includes the establishment of an interministerial committee tasked with examining ways to preserve the global competitiveness of Israel's high-tech industry. This committee will propose structural changes to be considered in the next government budget, following the upcoming government decisions.

The announcement comes as part of broader economic and social visions presented by financial groups like Leumi, aiming to enhance quality of life in Israel. The report also emphasizes adherence to ethical standards in public discourse, filtering out any violent, racist, or inciting language from public platforms.