Minister: Israel to Pass $100B in Exports Soon

Minister of Economy and Industry Eli Cohen. (Hadas Parush/Flash90)

Israel exported $96 billion in goods and services in 2016, 3 percent more than the year before – and it’s possible that the country will pass the $100 billion mark this year, Economy Minister Eli Cohen said in an interview. According to Cohen, Israel has entered a “new era,” where demand for its high-tech products and services continues to fuel the economy’s growth.

“Israel is a leader in technology, and this is helping us lead the world in many areas,” Cohen told Kol Baramah. “The world has changed, economies have changed, and it has worked out to the benefit of Israel. In addition, the world which was once dependent on Arab oil is turning into a world that is dependent on technology. In this new world economy, Israel is a key player, which helps explain the economic strength of Israel today.”

Cohen made the comments on the occasion of the visit of Indian leader Narendra Modi to Israel this week. Israel and India make a great trading couple; Israel produces much technology that is essential for India, such as agricultural and defense technology, while India, with nearly a billion people, constitutes a huge market for Israel to export to. Israel-India trade is around $4 billion, but Cohen is positive that number can grow. “Our ties to the great powers in the world are not by chance; they are aided by the fact that Israel is an innovator in many areas,” he added.