Israel - Country Analysis

Introduction: State of Israel
Rationale
I picked Israel for my project, because I had a chance to visit this
country several times, and I was fascinated with its culture,
people, history. Beside that, the land of Israel has spiritual
significance for three monotheistic religions. Additionally, science
and technology in Israel is one of the country's most developed
sectors. Israel is famous for high-tech civil innovations, Israeli
doctors, scientists and researchers have produced countless
medical advances. The country has the highest ratio of college
degrees and startup companies. (BuzzFeed, 2014). In such
environment it is beneficial to establish business. Because this
may lead to increase of organizational engagement, which means
business will successfully compete and even flourish in the face of
the range of everchanging adverse and fluctuating business and
economic conditions.
Insert Map Here
(Grider, 2014)

LocationandGeography
 Regional location: Middle East, Southwest Asia
 Water access: Mediterranean Sea, Red Sea
 Bordering countries: Lebanon, Syria, Jordan, Egypt
 Natural Hazards or climate: Sandstorm may occur during
spring and summer; droughts; periodic earthquakes
_______________________________________________
Israel has a water access to two major oceans: Atlantic
Ocean and Indian Ocean. The water access allows Israel to
develop easy shipping lines and trade with Europe, North
and South America, Asia and Africa. Israel stands at the
crossroads of Europe, Asia and Africa.
(Third Temple, 2003)
(Central Intelligence Agency, 2017)

Sociocultural Environment
Country Composition: (Central Intelligence Agency, 2017):
 Literacy rate: 97.8% (15 and older)
 Rate of urbanization: 1.37% annual rate of change (2010-2015 est.)
 Large cities: Tel Aviv-Yafo, Haifa, Jerusalem (capital).
 Major religions: Judaism, 74.8%, Islam 17.6%, Christianity 2%
 Education data: Education expenditure 5.9% of GDP (2013).
27%
15.52%
37.15%
8.51%
11.09%
Age structure
0-14 15-24 25-54 55-64 65+
The age structure shows that majority of
population within working age

Power Distance
Score of 13
Independency. Equal rights. Accessible superiors. Power is decentralized and
managers count on the experience of their team members. Informal atmosphere.
Individualism
Score of 54
Blend of individualist and collectivistic cultures. A strong belief in the ideal of self-
actualization. Sense of duty and responsibility. Communication is direct and
expressive. Strong sense of belongingness to society.
Masculinity Score
of 47
Society driven by competition. Value of achievement and success, ambition to
outperform the competition. Performance is highly valued. Managers are expected to
be decisive and assertive.
Uncertainty
Avoidance Score of
81
Emotional need for rules. People have an inner urge to be busy and work hard. Time
is money. Precision and punctuality are the norm. Security is an important element in
individual motivation.
Long Term
Orientation Score
of 38
Has a preference for normative thought, which means society prefer to maintain
time-honored traditions and norms, while viewing societal change with suspicion.

Values and Communication:
Language: Hebrew (official), Arabic (used officially for Arab minority, English
(most commonly used foreign language).
Nonverbal: When greeting someone for the first time a handshake is appropriate,
both in business and social settings. Don’t be offended if the Israeli does not offer
you his hand – but do offer yours – physical contact with initial smile is very
important. The dress code is relatively informal both at the meetings and social
events.

Business Etiquette:
 Business culture in Israel, like its overall culture, is diverse.
 Warm hospitality, direct no nonsense business attitude.
Aggressive negotiations and gregarious nature.
One can feel at ease in the casual culture, but should nevertheless prepare to be
flexible and patient.
International business is conducted in English, internal business is conducted in
Hebrew.
Business cards may be exchanged for convenience, often at the end of an
introductory meeting. It is appropriate to have them printed in English

Sociocultural Environment: Observation Deck
Business Observations
• Business is faced-paced and often conducted with an inherent urgency.
• Colleagues and business partners take time to get to know one another, socialize and drink coffee together.
• The management style in Israel is often collaborative, and concept of hierarchy is practically non-existent.
• The culture places an enormous emphasis on hospitality and Israelis will make an effort to be accommodating
to other cultures.
• An Israeli society has a polychromic culture (relation oriented), contrary to American, British, or German
cultures which are monochronic (rule oriented).
• Known as the Start-Up Nation, Israeli business is pervaded by technology and innovation. Israelis prize
intelligence and creativity, showing respect for experts and prominent specialists in their field.
• The state-of-the-art technologies (aeronautics, electronics, telecommunications, software, bio-technologies)
represent about 40 % of GDP.
• Israel classifies second, after Canada, for the number of companies registered in the American stock market.

Israel has parliamentary democracy. Benyamin Netanyahu is a prime
minister and chairman of ruling party of Likud (the Consolidation) –
center-right to right-wing political party. The largest opposition party in
Israel is Labor Party (Mifleget Ha’Avoda in Hebrew), was established in
1968. Current leader is Isaac Herzog. Defined as social democratic,
Labor has long been the dominant center-left party in Israel.
Prime minister Netanyahu also serves as member of the Knesset (Israeli
parliament), he is 9th Prime Minister of Israel assumed office on March
31st, 2009.
 References: (Central Intelligence Agency, 2017). (Haaretz, 2017).

Bribe Index Rank: 33/199
Score: 41 (2016)
Corruption Perception Index Rank: 28/176
Score: 64 (2016)
OECD Anti-Bribery Convention According to OECD: Israel
placed in the category of
countries with “little or no
enforcement”.
Control of Corruption Israel ranking 39th with score of
0.89 according to World Bank; -
2.5 week; 2.5 strong)

» The lack of foreign bribery prosecutions suggests there are inadequacies in the enforcement
system. There are very few examples of whistleblowing in Israel.
» The Israel Government Companies Authority (IGCA), the supervisory body for state-owned
companies, has adopted three circulars which introduce new and clarify existing
requirements to improve the independence of internal and external auditors of
government companies, and the quality of their audit, as well as clarify the relationship
between external auditors and the IGCA
» Scandals and criminal investigations have been common in Israeli politics. In fact, every
prime minister in the last 20 years has been the subject of such an investigation.

 Israel’s labor law system is a remnant of the country’s original socialistic
character.The State of Israel was founded nearly 70 years ago mainly by
workers and peasants raised on socialistic principals (people who lived in Kibbutzim
(social communities) or who belonged to the Labor party); this philosophical approach was adopted by
the Israeli legislature and incorporated into the legal system – at least with respect to labor laws and
regulations.
 Israeli labor law can be found in numerous laws, regulations issued by the government, circulars,
instructions, orders issued by the Minister of Economy and Industry, particular or general agreements
signed between employers and the Histadrut (Israeli employees organization) and expansion orders
which apply them on an industry-wide basis or to all employees in the country and customary practices.
All of these govern the relationships between employers and employees the failure to abide by which
can have significant financial ramifications.
 In general, Israeli law does not require an employment contract to be in writing and an oral agreement
is legally binding. However, the Notice to Employee (Terms of Employment) Law obliges the employer
to provide each employee with a notice of his or her main employment terms using a stipulated form. In

 The overall Israeli international trade strategy is to sign as many free trade agreements as
possible in order to facilitate Israeli exports worldwide, and develop and enhance a
competitive economy at home.
 Israel is a founding member of the WTO and free trade is one of the pillars of its economic
policy. The Israeli private sector had therefore to adjust itself and to become extremely
competitive both internally and on external markets.
 In 1975 Israel signed a free trade agreement with Europe. This agreement stipulated a
gradual dismantling of all tariff and customs between Israel and the European Common
Market over a period of several years, and enabled the expansion and development of trade
between Israel and the European Common market. It ensured that Europe and Israel would
be major trading partner for many years to come. An expansion of the 1975 agreement was
signed later culminating in an association agreement in 1995 that covered many other areas
of economic cooperation beyond pure trade, including technological and scientific cooperation.
 Since the 1980s, the U.S. been a tremendous partner for the nascent Israel high tech
industry. A major step was taken in 1985 when the two countries signed a free trade
agreement: the U.S.–Israel Free Trade Agreement was the first of its kind to be signed
Government Regulations
Trade policies

Government Regulations
Trade policies continued
 In the last twenty years, Israel has tried to institutionalize
preferential trade agreements with its new trading partners, and a
free trade agreement was signed between Israel and the Brazil,
Uruguay, Paraguay and Argentina and Columbia, and between
Israel and Turkey. Negotiations are still underway with India, and
Israel plans eventually to reach agreements with China and
perhaps Korea. There are plans to negotiate agreements with
Russia and the Euro-Asia economic community that also includes
Kazakhstan and Belarus; negotiations may start soon with Vietnam
and Ukraine.
Sales Tax
 In Israel, the sales tax rate is a tax charged to consumers based on
the purchase price of certain goods and services. Currently the sales
tax rate in Israel stands at 17 percent.

The last decades were characterized by growing foreign
investment in Israel, primarily the establishment of R&D
(research and development) centers of major foreign
companies.
Some well-known companies operating R&D centers in Israel
include Microsoft, Texas Instrument, Google, eBay, GE, and
Yahoo; India’s Tata and Sun Pharmaceuticals; Nestle of
Switzerland; SAP and Siemens of Germany; France’s Dassault;
and Barclay’s UK.

 Taking advantage of the innovative eco-system of the “Startup Nation” parallel, many Israel
companies have also set up facilities abroad contributing to the expansion of exports and presence
in foreign markets. One major characteristic of Israeli companies abroad has been the listing of
Israeli high-tech companies on the American stock markets with some shift also to European
markets, particularly London and Frankfurt.
 Israel is a high-income country with a GDP per capita of US$31,000 in 2011, up
from US$17,700 ten years earlier. Its GDP of about US$240 billion is roughly equal
to the size of Singapore's. Some of Israel's main economic challenges lie in the high
burden of defense spending, low labor-market participation among certain
communities, and resulting income inequality. Israel has been largely dependent
on imports for its energy needs, but major discoveries of offshore natural gas may
change its economic prospects.
 References: Israel’s External Economic and Trade Policy
(Catarivas, 2015), (Trade Policy Review: Israel, 2012).

Economic Measures
Interest Rates (Trading Economics, 2017) As of May 29, 2017 the rate is 0.1%
Unemployment (Israel - The World Fact Book, 2017) 5% (2016)
Inflation (Israel - The World Fact Book, 2017) -0.5% (2016)
GDP real growth rate (Israel - The World Fact Book,
2017)
2.8% (2016)
Exchange Rates (Israel - The World Fact Book, 2017) New Israeli shekels (ILS) per US dollar - 3.87(2016)

Exchange Rate Regime (List of countries by exchange
rate regime, n.d.), (Inflation targeting, n.d.)
Inflation-targeting framework
GDP (Israel - The World Fact Book, 2017) GDP purchasing power - $297 billion (2016)
Labor Force (Israel - The World Fact Book, 2017) 3.927 million (2016)
Major Industries (Israel - The World Fact Book, 2017). High-technology products (including aviation,
communications, computer-aided design and
manufactures, medical electronics, fiber optics), wood
and paper products, potash and phosphates, food,
beverages, and tobacco, cement, pharmaceuticals,
construction, metal products, chemical products,
plastics, cut diamonds, textiles, footwear.
FDI Rates (Trading Economics, 2017). Foreign Direct Investment in Israel averaged 4753.62
USD Million from 1995 until 2016
Economic Measures continued

Physical Infrastructure
Major Airports:
Ben Gurion International Airport - Tel Aviv
Eilat Airport - Eilat
Sde Dov Airport - Tel Aviv
Haifa International Airport - Haifa
Major Seaports:
Ashdod
Haifa
Eilat
Hadera

Physical Infrastructure continued
Internet users: 6.35 millions
Mobile providers: 8 carriers
Logistics Performance Index
Index Rating:
Rank: 28, Score: 3.66, Highest
Highest performer: 82.5%
Railway stations: Illustration to the right
 References:(Israel -
The World Fact
Book, 2017), (Anglo-
List.com, 2016),
(Arvis et al., 2016)

Economic-Infrastructural Environment: Observation Deck
 Annual inflation rate declined to 0.7 percent in April compared to 0.9 percent in the previous month. The economy continues to
grow at a solid pace, mostly driven by exports, and investment and the labor market remains strong. (Trading Economics, 2017).
 Israel recorded a budget deficit of 2.15 percent of GDP in 2016, well below its 2.9 percent target due to higher-than-expected tax
income and lower spending. (Trading Economics, 2017).
 The global financial crisis of 2008-09 spurred a brief recession in Israel, but the country entered the crisis with solid
fundamentals, following years of prudent fiscal policy and a resilient banking sector. Israel's economy also weathered the 2011
Arab Spring because strong trade ties outside the Middle East have insulated the economy from spillover effects. (Israel - The
World Fact Book, 2017)
 The economy of Israel is technologically advanced by global standards.As of 2015, Israel ranks in the top 18 nations in the
world on the UN's Human Development Index, which places it in the category of "Very Highly Developed"—the highest ranked in
the Middle East, allowing the country to enjoy a high standard of living rivaling other Western countries such
as Austria, France and Finland. (Economy of Israel, 2017).
 Israel attracts about 15% of the world’s venture-capital investment in cyber-security. It is part of Israel’s booming “startup-
nation” economy, the most dynamic innovation ecosystem outside America. (The Economist, 2017).
 A country with few natural resources plans to export gas to Europe from its offshore fields, and is selling water to Jordan as
water desalination gathers pace. (The Economist, 2017).

Major Trading Partners (CIA Factbook, 2017) Export partners: US 27.5%, Hong Kong 8%, UK 6.1%,
China 4.9% (2015).
Import partners: US 13%, China 9.3%, Switzerland
7.1%, Germany 6.1%, Belgium 5.3%, Italy 4% (2015).
Major Imports/Exports (CIA Factbook, 2017) Imports:
Raw materials, military equipment, investment goods,
rough diamonds, fuels, grain, consumer goods.
Exports:
Machinery and equipment, software, cut diamonds,
agricultural products, chemicals, textiles and apparel.
Trade elements

Regional Trade Agreements and Member Countries
(World Trade Organization, 2017), (Economy of Israel,
n.d), (Asian Infrastructure Investment Bank, n.d.),
(International Chamber of Commerce, n.d.), (Organization
for Economic Co-operation and Development, n.d.).
Israel has been a member of WTO since April 21, 1995
and a member of General Agreement on Tariffs and
Trade (GATT) since 5 July, 1962.
According to Wikipedia, Israel is a member of a number
of trade organizations such as: Asian Infrastructure
Investment Bank with 52 members in the Asia-
Pacific region and 25 are prospective members (as of May
2017); International Chamber of Commerce largest, most
representative business organization in the world with
130 members; The Organization for Economic Co-
operation and Development (OECD) with 35 member
countries and many more.
Trade elements continued

Economic Integration: Observation
Deck Israel is the only country in the world to have both European Union and U.S. free trade
agreements, which makes it easy for Israel to sell its products on European market and
in the U.S. (Encyclopedia of Nations, 2017).
 When the State of Israel was declared in 1948, the U.S. imports from Israel were
$5,000,000. U.S. Exports to Israel were $29,000,000. In 2016 US imports from Israel were
$22,203,500,000. U.S. exports to Israel were $13,196,600,000. (Jewish Virtual Library,
2017). As Israel growing population-wise and economically-wise, the business and trade
between two countries is growing significantly.
 Most technologically-advanced US states such as California, New York and my home
state Massachusetts are actively seeking business ties with state of Israel. In fact, "Israel
has become a popular destination for U.S. governors hoping to spur their states'
economies by tapping into the technology of a country some call 'Start-Up Nation'.”
(Prah, 2013). For example, Massachusetts announced a second round of state grants to
fund joint projects between Massachusetts companies and Israeli firms, part of a
partnership formed in 2011 to support innovation involving life sciences, clean energy
and water technology. (Prah, 2013).

Economic Integration: Observation Deck
continuedIn Massachusetts in 2009, nearly 100 companies with Israeli founders or Israeli-licensed
technologies generated $2.4 billion in direct revenue and employed nearly 6,000 state
residents, according to a report commissioned by the Combined Jewish Philanthropies of
Greater Boston. Many of these firms specialize in information technology, security software
storage, medical devices and biotech. (Prah, 2013).
Many US states with robust technology sector expressed their desire for the further
development of bilateral ties with Israel, emphasizing the need to intensify trade and
economic cooperation. This shows that it will be easy to find a business or trade partner in
Israel and open branch there.

» There are many reasons for US companies to enter Israel’s market. The top reason is that economy of
Israel has remained robust during the period of economic recession in the USA and the EU. In 2014,
economic growth slowed but recovered in 2015 and 2016. That shows that economy of Israel is stable
despite world recession and tense security environment due to geopolitical situation in the nearby region.
» As hi-tech and defense dominate Israel’s trade numbers, it would be beneficial for U.S. investors to invest
in this sphere of Israel’s economy.
» Israel remains a global center for hi-tech design and R&D. Hi-tech continues to provide opportunities for
U.S.-Israel commercial partnerships, specifically in Information and Communication Technologies
(ICT) including cyber security, safety and security equipment and services, defense equipment, medical
technologies and biotechnology products. Power generation and education/training also represent good
opportunities. Road technology and infrastructure projects could offer millions of dollars' worth of export
opportunities for U.S. firms over the next five years, especially since Israel adopted U.S. standards in
intelligent transportation systems. (Export.gov., 2016)
» Investors or trade partners should keep in mind that Israel is a mature market in many sectors, therefore
they will face significant local and international competition.

Additional reasons why U.S. companies should consider entering
Israel’s market is (Export.gov., 2016):
» Israel has a modern banking and logistics infrastructure
and one of the highest penetration rates for mobile telecom.
» A strong, diversified and technologically advanced high-tech
sector. Israel leads OECD in R&D spending at 4.3% of GDP.
» The U.S.-Israel Free Trade Agreement, signed in 1985 was
the first FTA for the USA. It continues to provide easy market
access to U.S. products and services.
» Franchising: since its introduction to Israel in the mid-1980s,
franchises have increased in popularity. ACE Hardware,
Office Depot, Re/MAX, McDonald's, Toys-R-US, UPS,
and FedEx all operate in Israel. Tel Aviv

 The business environment and style is similar to American, though dress may seem more informal and
personal relationships play a greater role. (Export.gov., 2016).
 Israelis are motivated and ambitious. Their schedules are always busy, but they mix business with pleasure.
Since many Israelis will respond more to a relationship-oriented meeting, you should treat your Israeli
business partners more like friends than clients. (Export.gov., 2016).
 Its important to be aware with proper
procedures involved in Israeli business
etiquette. The knowledge will help to gain new
partners and clients in this ancient yet modern
country, and ensure wonderful success for your
business. Impressing your colleagues is easy:
become aware of what Israelis value, stay
confident with the proper etiquette, and
enhance your network to the Israeli market.
 Important to keep in mind that Judaism and
Islam play significant role in Israeli business
culture. For example Jewish stores closed on
Friday afternoon and Saturdays. Islamic-owned
businesses are closed on Fridays.

References
 Anglo-List.com. (June 27, 2016). Mobile Phone Carriers in Israel. Retrieved from http://www.anglo-list.com/directory/israel-
mobile-phone-carriers-plans
 Anglo-List.com. (November, 01, 2016). The Israeli Style of Communication. Retrieved from http://www.anglo-list.com/general-
3/about-israel/israeli-customs-behavior-etiquette#greetings
 Arvis, J.F., Saslavsky, D., Ojala, L., Shepherd, B., Busch, C., Raj, A., & Naula, T. (2016). Connecting to the complete 2016 trade
logistics in the global economy: The logistics performance index and its indicators. Retrieved from https://wb-lpi-
media.s3.amazonaws.com/LPI_Report_2016.pdf
 Asian Infrastructure Investment Bank. In Wikipedia. Retrieved June 15, 2017 from
https://en.wikipedia.org/wiki/Asian_Infrastructure_Investment_Bank
 BuzzFeed. (May 20, 2014). 51 Facts About Israel That Will Surprise You. Retrieved from
https://www.buzzfeed.com/rethinkisrael/facts-about-israel-that-will-surprise-you?utm_term=.enMMjX06O#.duapybr60
 Catarivas, D. (February 28, 2015). Israel’s External Economic and Trade Policy. Jewish Policy Center. Retrieved from
https://www.jewishpolicycenter.org/2015/02/28/israel-economic-trade-policy/

References
 Central Intelligence Agency. (2017). The world factbook: Israel. Retrieved from https://www.cia.gov/library/publications/the-world-
factbook/geos/is.html
 Denmark in Israel, Ministry of Foreign Affairs of Denmark. (n.d.). Social Etiquette. Retrieved from http://israel.um.dk/en/the-trade-
council/market/framework-conditions-and-barriers/social-etiquette
 Economy of Israel. In Wikipedia. Retrieved June 8, 2017 from https://en.wikipedia.org/wiki/Economy_of_Israel
 Economy of Israel. In Wikipedia. Retrieved June 15, 2017 from https://en.wikipedia.org/wiki/Economy_of_Israel
 Encyclopedia of Nations. (2017). Israel - International trade. Retrieved from http://www.nationsencyclopedia.com/economies/Asia-
and-the-Pacific/Israel-INTERNATIONAL-TRADE.html
 ExpatArrivals. (2017). Doing Business in Israel. Retrieved from http://www.expatarrivals.com/israel/doing-business-in-israel
 Export.gov. (August 17, 2016). Doing Business in Israel. Retrieved from
http://2016.export.gov/israel/doingbusinessinisrael/marketoverview/index.asp

References
 GlobalTrade.net. (2014). Business Environment in Israel. Retrieved from http://www.globaltrade.net/international-trade-import-
exports/f/business/Israel/Business-Environment.html
 Grider, G. (August, 2014). If you absolutely must boycott Israel, you better read this. Retrieved from
http://www.nowtheendbegins.com/absolutely-must-boycott-israel-better-read-first/
 Haaretz. (2017). Israel Labor Party. Retrieved from http://www.haaretz.com/misc/tags/israel%20labor%20party-1.476779
 Hofstede, G. (2017). Israel - Geert Hofstede. Geert-hofstede.com. Retrieved from https://geert- hofstede.com/israel.html
 Inflation targeting. In Wikipedia. Retrieved June 7, 2017 from https://en.wikipedia.org/wiki/Inflation_targeting
 International Chamber of Commerce. In Wikipedia. Retrieved June 15, 2017 from
https://en.wikipedia.org/wiki/International_Chamber_of_Commerce
 Israel Railways. (2012). Route map. Retrieved from http://www1.rail.co.il/En/Stations/Map/Pages/RouteMap.aspx

References
 Israel Sales Tax Rate (2006-2017). Trading Economics. Retrieved from https://tradingeconomics.com/israel/sales-tax-rate
 Jewish Virtual Library. (2017). U.S.-Israel Economic Cooperation: Bilateral Trade Statistics (1948 - Present). Retrieved from
http://www.jewishvirtuallibrary.org/u-s-israel-bilateral-trade-statistics-1948-present
 Liebermann, O. (January 8, 2017). 5 corruption scandals that rocked Israel. Retrieved from
http://www.cnn.com/2017/01/08/middleeast/israeli-politics-corruption/
 List of countries by exchange rate regime. In Wikipedia. Retrieved June 7, 2017 from
https://en.wikipedia.org/wiki/List_of_countries_by_exchange_rate_regime
 Mayer, R. (n.d.). Employee benefits 101. Nefesh B'Nefesh. Retrieved from http://www.nbn.org.il/aliyahpedia/employment-
israel/employee-compensation-rights-benefits-israel/employee-benefits-101/
 Organization for Economic Co-operation and Development. In Wikipedia. Retrieved June 15, 2017 from
https://en.wikipedia.org/wiki/Organisation_for_Economic_Co-operation_and_Development

References
 Prah, P. (August 13, 2013). Israeli Technology Draws U.S. States. The Pew Charitable Trusts. Retrieved from
http://www.pewtrusts.org/en/research-and-analysis/blogs/stateline/2013/08/13/israeli-technology-draws-us-states
 Santander Trade Portal. (2017). Israel: Business Practices. Retrieved from https://en.portal.santandertrade.com/establish-
overseas/israel/business-practices
 The Economist. (May 18, 2017). Israel’s economy is a study in contrasts. http://www.economist.com/news/special-
report/21722037-dazzling-high-tech-firms-divert-attention-serious-productivity-problem-israels
 TheGlobalEconomy.com. (2017). Control of corruption - country rankings. Retrieved from
http://www.theglobaleconomy.com/rankings/wb_corruption/
 ThirdTemple.com. (2003). The map of Israel. Retrieved from http://www.thirdtemple.com/map/index.htm
 Trace. (2016). The Global Business Bribery Risk Index for Compliance Professionals. Retrieved from
https://www.traceinternational.org/trace-matrix

References
 Transparency International. (2016). Corruption Percentage Index 2016. Retrieved from
https://www.transparency.org/news/feature/corruption_perceptions_index_2016
 Trade Policy Review: Israel. (October 30 & November 1, 2012). World Trade Organization. Retrieved from
https://www.wto.org/english/tratop_e/tpr_e/tp372_e.htm
 Trading Economics. (2017). Israel foreign direct investment. Retrieved from https://tradingeconomics.com/israel/foreign-direct-
investment
 Trading Economics. (2017). Israel government budget. Retrieved from https://tradingeconomics.com/israel/government-budget
 Trading Economics. (2017). Israel interest rate. Retrieved from https://tradingeconomics.com/israel/interest-rate
 Tsion, M. (March 8, 2017). Employment & labor law in Israel. Lexology. Retrieved from
http://www.lexology.com/library/detail.aspx?g=f5c5b969-fe64-45d6-82e9-1e0baeda99e1

References
 WorldData.info. (n.d.). Airports and airlines in Israel. Retrieved from https://www.worlddata.info/asia/israel/airports.php
 World Trade Organization. (2017). Israel and the WTO. Retrieved from
https://www.wto.org/english/thewto_e/countries_e/israel_e.htm

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