.
.
.
.

PM Bennett seeks to boost Israel’s economy by slashing regulations

Published: Updated:

Israeli Prime Minister Naftali Bennett, a former software entrepreneur, pledged on Tuesday to slash regulations to cut the cost of living and help Israel’s small and medium-size businesses flourish as well as its globally successful hi-tech sector.

“We want to ‘hi-tech-icise’ the rest of the economy,” he told a news conference. “We’re going to turn ourselves into a paradise for small and medium businesses ... to make it easy and compelling to open a business and succeed.”

Bennett, who took office last month, took a swipe at his predecessor Benjamin Netanyahu, saying Israel had endured 12 years of talk and “minimal execution.”

For all the latest headlines, follow our Google News channel online or via the app.

Finance Minister Avigdor Lieberman said there were 209 regulators in Israel, and that they acted mainly in their own interests instead of aiming to improving productivity, competition and growth.

He pointed to a 2018 report by the Organization for Economic Cooperation and Development which said that reducing the level of regulation to the OECD average would increase Israel’s per-capita GDP by 3.75 percent in five years, and 5.75 percent - 75 billion shekels ($23 billion) - over a decade.

A report by the prime minister’s office and finance and justice ministries says Israel’s per capita GDP and productivity have lagged Western peers for a decade due to over-regulation.

Under a framework law, the government plans to establish a single authority to oversee regulatory processes, and to factor speed of processing, competitiveness and pricing into corporate regulations.

Read more:

Israel reopens most of its economy in final phase of eased COVID-19 restrictions

Officials: Israel economy hit by Gaza war

UAE-Israel Greentech collaboration to reach $500million in five years: Expert