Trade set for Brexit boost
BRITISH ATTEMPTS to bolster trade with Israel in the wake of the Brexit vote will be boosted by the continued fall in the pound and the strengthening of the shekel, a leading business expert has said.
Hugo Bieber, chief executive of UK Israel Business, says the cheap pound is convincing increased numbers of Israeli companies to use the UK as a base for expanding their start-ups.
Mr Bieber said: “A cheap pound makes the UK a more attractive place for Israeli investment and we expect this to translate into
Hugo Bieber an increased number of jobs being created in the UK by Israeli companies using the UK as a base for market entry and expansion”.
Trade between the two nations is said to be worth £5 billion. One main area of co-operation is cyber security, in which Israel receives 20 per cent of worldwide investments.
Mr Bieber said:“Israel is a world-leader in cyber security and UK Israel Business has played a role in ensuring that the majority of the UK’s largest banks have sought out Israeli expertise to help protect our banking system.” Israel and the UK have set up a working group to negotiate trade deals, with a team of up to four officials meeting later this month.