Invest in israel ppv

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Invest in israel ppv

  1. 1. INVEST IN ISRAEL Few introductory points on advantage of investing in Israel and Israeli market
  2. 2. Why Israel WHY INVEST IN ISRAEL? Top scores on global indexes of economic competitiveness, a striking concentration of innovative people, a culture that promotes experimentation and daring, and governmental eagerness to create supportive conditions for investors, combine to make Israel a leading site of investment. An entrepreneurial powerhouse, Israel is a hotbed of pioneering technologies, profitable business opportunities, and high investment returns. that is why the world's leading multinational companies have all made the choice for Israel. Microsoft, Motorola, Google, Apple, Facebook, BerkshireHathaway, Intel, Hp, Siemens, GE, IBM, Philips, AOL, Cisco, EMC, and Toshiba spark the long list of over 200 companies who have realized that Israel is their ideal choice for investment. the reasons that Israel is the preferred spot of multinationals for business are endless. here, we have sketched out the top ten.
  3. 3. One: The Innovation Capital Israel was ranked in 1st place in the world for innovative capacity by the IMD Global Competitiveness Yearbook 2013 and 3rd for innovation out of 148 economies by the WEF Global Competitiveness Yearbook 2013-2014. The IMD Global Competitiveness Yearbook 2013 ranks Israel: - 1st for business expenditure on R&D, 1st for total expenditure on R&D; 1st for scientific research, 1st for public and private sector ventures. 1st for total expenditure on education, 1st for the development and application of technology, 1st for cyber security, 1st for information technology skills, 1st for innovative capacity. Dominating on so many of the critical indicators of competitiveness, Israel has clearly earned its growing reputation as the global innovation capital.
  4. 4. Two: The Thriving Entrepreneurial Spirit Ranked 1st in the world for innovative capacity and 2nd in the world for entrepreneurship (IMD Global Competitiveness Yearbook, 2013) Israel is highly regarded across the globe for its thriving entrepreneurial spirit, which enables it to swiftly transform burgeoning start-ups into profitable and competitive companies. In fact, apart from Silicon Valley, the highest concentration of high-tech companies in the world is found in Israel. The number two start up ecosystem -- ahead of NYC, LA, Seattle, Boston, and London -- Israel's 4,000 start-up companies produce innovations and offer solutions to some of the most pressing global challenges. In fact, in 2009, 63 Israeli companies were listed on the tech-orientated NASDAQ, more than from Europe, Japan, Korea, India, and China combined. Of Israel's 230,000 hi-tech workers, 39% work in the R&D departments of multinational companies, no surprise given that so many leading companies have chosen Israel as the site for investment and development.
  5. 5. Three: The Exceptional Workforce: Israel's creative, skilled, and ambitious workforce is one of the most obvious reasons leading executives turn to Israel to do business. In fact, Israel boasts one of the most highly educated, entrepreneurial, and multi-cultural workforces in the world, producing technologies, innovations, and research adopted around the globe and across sectors. Israel’s resourceful, motivated and independent workforce is particularly competitive because of its informal but effective get-down-to-business culture, exceptional ingenuity and entrepreneurial spirit. The combination of culture, skill, and initiative creates a flexible working system that allows for maximal adaptability while producing breakthrough technologies and quick time-to-market solutions. In an overarching organizational climate of boldness, experimentation and independent thinking are naturally rewarded, resulting in the types of breakthroughs for which Israel is famous. Israel's minority communities, including its Arab and ultra-Orthodox populations, are emerging today as one of its valuable -- and still largely untapped -- resources. Special government programs are nurturing the high levels of creative and technical talent evident within these groups and investors are finding in them rewarding solutions to their outsourcing and staffing needs.
  6. 6. Four: Scientific Excellence, Industrial Profit The quality of Israel's workforce is naturally reflected in the quality of its scientific institutions, ranked 1st in the world for their quality (WEF Global Competitiveness Yearbook, 2013-2014). Although it is a young country, comprised largely of immigrants and descendants of immigrants, Israel's scientific and technological infrastructure outperforms almost every other country. In fact, it ranks 3rd for its scientific infrastructure, and 4th for its technological infrastructure (IMD 2013). Complimented by an unusually high availability of scientists and engineers Israel's scientific excellence makes it a preferred spot for leading multinationals to establish R&D centres. Given the quality of its institutions and infrastructure, Israel's citizens are naturally found at the fore of innovative research, both within Israel’s own institutions of excellence and at some of the top universities globally. Ranked 5th in the world for patent filings per capita, Israelis are behind a string of innovations across sectors and industries, including in medical equipment patenting, where Israel leads the world in patent registrations. Furthermore, over the past decade, Israel, with a population of just 7.9 million, has produced eight Nobel laureates, including six in chemistry. Daniel Shechtman received the honour in 2010 for his discovery of quasicrystals, Ada Yonath in 2009, for her demonstration of ribosome functions, while mathematician Robert J. Aumann received the 2005 Nobel Prize in Economics for explaining conflict and cooperation by means of game theory.
  7. 7. Five: A Global Technological Leader However, Israeli innovations extend far beyond academia. In fact, Israel is a world leader in research collaboration between university and industry, ranked 1st in the world for knowledge transfer by IMD Global Competitiveness Yearbook 2013 and in the top 10 for collaboration between university and industry The close ties between academia, industry, and government enable scientific innovation to be swiftly translated into marketable products and profitable business initiatives, explaining how Israel reaches $25 billion in technological exports annually (Source: MIT Technological Review). Israel invests heavily in education and research, expending 4.38% of its GDP into R&D, the highest percentage in the world (OECD Science, Technology and Industry Scoreboard 2013). Furthermore, through government agencies such as the Office of the Chief Scientist of the Ministry of Economy, a network of incubators for very-early-stage technology start-ups, as well as an active and alert private venture capital system, Israel provides extensive support for new ideas and technologies and assists the further development of more traditional industries. By maintaining strong scientific and technological infrastructure and leveraging the close links between academia, industry, and government, Israel produces innovation and technology that offers no trace of its tiny size
  8. 8. Six: A Flexible, Creative Economy Flexibility and adaptability to change are widely considered primary factors affecting business performance. IMD's world competitiveness index in fact places this parameter among the leading indexes of economic competitiveness. Creativity and flexibility are the fuel of innovation, and a high degree of responsiveness to changing business environments is crucial to thriving enterprises in today's dynamic global market. Ranked 3rd for flexibility and adaptability by IMD 2013, Israel's ability to swiftly translate market demands into organizational action, explains why Israel has consistently performed so strongly in the flexibility index, and is broadly recognized as a capital of innovation.
  9. 9. Seven: A Flourishing Venture Capital Market Israel's thriving start-up industry is complimented by a flourishing venture capital market, which totals $1 billion (MIT Tech Review). The Word Economic Forum Global Competitiveness Yearbook 2013-2014 ranked Israel 8th for venture capital availability out of 148 economies, and the IMD 2013, 7th, remarkable given its small size. By far outperforming any other country in VC volume per capita (Wall Street Journal, 2013), Israel's venture capital availability is a symbol of the breath of its innovative industries and of the highly efficient financial sector underpinning them. The thriving VC market further points to Israel's highly developed local venture capital sector and significant annual foreign investment, and reflects its sound banking system and well-regulated securities exchange.
  10. 10. Eight: A Resilient Economy, Security for Investors Israeli economic resilience help ensure global investors feel secure about their investments in Israel. IMD 2013 ranks Israel 1st in the world for its central bank policy IMD 2013 ranks Israel 4th for the resilience of its economy, WEF 2013-2014 ranks it 1st for annual percentage change of inflation WEF 2013-2014 ranks it 6th for investor protection out of 148 economies. The Israeli policy of removing barriers to trade and encouraging the movement of capital has served the economy extremely well. Israel is committed to openness as a strategic approach, while recognizing the importance of financial sector regulation, a strategy that has contributed to Israel's impressive economic growth and its increased economic efficiency in recent years. Sound macroeconomic strategy, coupled with the relatively conservative approach driving the Israeli banking sector's strategic decisions, has fuelled Israel's strong economic performance, even as the global economy has contended with crippling economic slowdown. In fact, since 2004, Israel’s growth rate has exceeded the average growth rate of all advanced economies. In 2009, as most of the world experienced a decline in GDP, Israel experienced a 1.1% growth in its GDP. Its real GDP growth rate in the third quarter of 2013 had already leaped to 4.9%
  11. 11. Nine: The Richness of Diversity Israel's diversity and multi-culturalism extend naturally from the fact that its population consists of individuals with origins in over 100 different countries spanning five continents. In addition to Hebrew and Arabic, Israel’s two official languages, many Israelis are fluent in English, as well as a host of other languages, including French, German, Italian, Russian, Chinese, and Spanish. The richness of the tapestry of Israel's different cultures not only makes Israel a fascinating place to visit and to do business, but also highlights one of the main attractive features of its workforce. A risk-taking and optimistic collective, it is only natural that it is the source of so much innovation
  12. 12. Ten: The Support Enshrined into its legislation through laws for the encouragement of capital and industrial R&D, the State of Israel seeks to offer maximally supportive conditions for companies seeking to invest in Israel. Part of a slew of incentives and benefits, the State of Israel encourages international and local investment by offering conditional grants of up to 24% of tangible fixed assets, reduced tax rates, tax exemptions and other tax related benefits through the Law for the Encouragement of Capital Investments. In addition, Israel offers one of the world's most advanced technological infrastructures along with the services required to conduct business efficiently and effectively. Israel boasts a sophisticated communications system, a reliable energy infrastructure, and a well-developed transportation system with modern international gateways, protection of trademarks, patents, and other intellectual property, as well as a highly developed and transparent financial system and a legal system based on common and corporate law. The State of Israel encourages both local and foreign investment by offering a wide range of incentives and benefits to investors in industry, tourism and real estate. Special emphasis is given to hi-tech companies and R&D activities.
  13. 13. Investment Incentives THE LAW FOR THE ENCOURAGEMENT OF CAPITAL INVESTMENTS
  14. 14.  The purpose of the Law for the Encouragement of Capital Investments is to strengthen the industrial capability of the country.  Below is a short summary of the main points of the new law. A. Qualification requirements To qualify for benefits under the law the company has to be an industrial company registered in Israel and has to be internationally competitive (i.e. have export capability). However, Biotechnology and Nanotechnology companies do not have to meet the "export" requirement to qualify. An investment in the Priority Area recognized by the law will be termed an Approved Investment and the company will be designated an Approved Enterprise. B. Location For the purposes of the law, the country will be divided into two areas. 1. A Priority Area (mainly the Galilee in the north, the Negev in the south and Jerusalem) 2. The Centre of the country (i.e. everything not specified in item 1) C Investment Incentives according to the Law Companies that qualify will be entitled to company tax rates as detailed below. In addition, companies located in the Priority Area will also be entitled to an investment grant, which will be calculated as a percentage of their approved investment as indicated below.
  15. 15. 1. Taxes Center of the Country Priority Area Company Tax rates 16% 9% Dividend Tax rate 20% 20% 2. Investment Grant Investment Grant* --* as a percentage of the approved investment 20% D. Benefit Period There is no termination period regarding the tax benefit. As long as the company remains internationally competitive, it is eligible for the tax benefit as prescribed by the law. E. Special Tax Benefits Program
  16. 16.  Criteria: Large companies that meet the following criteria will be entitled to the benefits as listed below. 1) Total annual income in Israel of at least 1.5 billion NIS 2) The combined balance sheet of the company is at least 20 billion NIS. 3) The business plan of the company will include one of the following: a) Investment in productive equipment of at least 800 million NIS in the centre of the country or 400 million NIS in the Priority Area over a 3 year period. b) Investment in R&D of at least 150 million NIS in the centre of the country or 100 million NIS in the Priority Area c) Employing at least 500 employees in the centre of the country or 250 employees in the Priority Area.
  17. 17.  Tax Benefits Company Tax – Dividend Tax - Centre of the Country 8% 15% Priority Area 5% 15% Disclaimer: Invest in Israel offers this information only as an example of common practice in industry. Legal counsel should be consulted to establish the exact level of incentives to be offered. R&D Incentives and Benefits The Office of Chief Scientist provides a selection of incentives and benefits for R&D in Israel. Many are now open to international investors, ask us what those are
  18. 18. Support 1. for R&D Centres for Foreign Companies Funding of R&D projects from the Office of the Chief Scientist A foreign company establishes an R&D Centre in Israel as a subsidiary company registered in Israel with the IP registered as the property of the Israeli entity. Under these circumstances, it could be entitled to support from the OCS for the different R&D projects it intends to execute. Registration of the IP as being the property of the Israeli subsidiary means that all income derived from the fruits of said R&D, including production income – even if conducted overseas- must flow back to Israel where they will be taxed accordingly. The rate of funding is as follows: Standard rate is 20% - 40%. For a Biotechnology or Nanotechnology company the funding can reach 50%. Companies located in Israel's Priority Area are entitled to an additional 10% funding. Should the Foreign Company request to have the IP of the technology developed, in the Israeli R&D Centre be transferred overseas it will have to receive approval from the Research Committee of the OCS and to compensate the OCS for the funding granted to it.
  19. 19. 2. Tax Benefits for R&D Centres A foreign corporation, setting up an R&D centre in Israel, may submit a request to recognize this centre according to the Law for the Encouragement of Capital Investments. The basic requirements for approval are: a) The employment of at least 10 qualified personnel (software engineers, systems analysts, biotech researchers, etc…) b) Approval as an "Industrial R&D High-Tech" facility from the Office of the Chief Scientist, Ministry of Industry, Trade and Labour. Preferred Enterprise Status according to the Law Should the R&D Centre, be located in the centre of the country (Tel-Aviv, Haifa etc…) the company can apply to the Tax Authority to obtain "Preferred Enterprise"* for it according to the Law for the Encouragement of Capital Investments. (* No specific status/term is mentioned in the law, we use this term for convenience purposes only). If granted "Preferred Enterprise" status the R&D centre will have to operate on a "Cost Plus" basis according to the standard transfer-pricing rate in the industry as this accounting method is usually applied between the mother corporation and its R&D subsidiaries. A foreign owned company will then be eligible to corporate tax according to the table below.
  20. 20. Approved Enterprise Status Should the R&D Centre, be located in the priority area of the country (e.g. The Galilee in the north, the Negev in the south…) then the company should apply to the Investment Centre - a department of the Ministry of Industry, Trade and Labour- to gain "Approved Enterprise" status. It will then be entitled to an investment grant according to the Law for the Encouragement of Capital Investments. If granted "Approved Enterprise" status the R&D centre will be entitled to an investment grant of up to 20% of the approved investment and will have to operate on a "Cost Plus" according to the standard transfer-pricing rate in the industry. A foreign owned company will then be eligible to corporate tax and above mentioned investment grant according to the table in the next slide.
  21. 21.  The table below summarizes the benefits TAXES Company Tax rates Centre of the Country Priority Area Years: 2011 & 2012: 15% 10% Years: 2013 & 2014: 12.5% 7% 2015 onwards: 12% 6% Dividend Tax rate: 15% 15% 2. Investment Grant Investment Grant* --- 20% * As a percentage of the approved investment
  22. 22.  3. Employment Grants for R&D Centres The Ministry of Industry, Trade and Labour has launched a new incentive program for supporting R&D centres established in the Negev (south) and Galilee (north). This program is part of a long term plan areas to spread the prosperity the Hi-Tech community has brought to Israel by providing these areas with high-paying quality work places. Minimum Requirements: • Minimum employee’s number required 15 • The average cost of salary of all new employees has to be at least 2.5 times the average cost of salary in Israel (about 20,000 NIS or $US5,000). Employment Grants: The program provides investor with Employment Grants that will be determined as a percentage of the employer's salary cost for each new employee, for a period of 4 years.
  23. 23. The following is an outline of the grants scheme: Centres employing 15 -30 employees • 35% - of each new employee is cost of monthly salary in the first year. • 30% - in the second year. • 10% - in the third year. • 5% - in the fourth year. Centres employing 30 -45 employees • 40% - of each new employee’s cost of monthly salary in the first year. • 35% - in the second year. • 15% - in the third year. • 5% - in the fourth year. Centres employing over 45 employees • 45% - of each new employee's cost of monthly salary in the first year. • 40% - in the second year. • 20% - in the third year. • 5% - in the fourth year. If the company recruits 130 employees, it will be entitled to a grant of 40% instead of the rates listed above and this for 4 years
  24. 24.  General Conditions The company establishing the centre is required to have annual revenues of at least $US 25 million. The maximum salary entitled to the incentive is 30,000 NIS (or about $US 7,500) monthly. Salaries above this level will be calculated as 30,000 NIS. • The centre has to be established in Priority Area A the Negev and Galilee regions. This area includes most locations outside the central metropolitan regions. (Towns that qualify include for example: Beer-Sheva in the south and Carmiel in the north). • At least 60% of all new employees should be residents of Priority Area A namely the Galilee region in the north and the Negev region in the south. 4. Investment Incentives + R&D funding for fully fledged High- Technology Industrial Company The standard support program available to any high-technology company based in Israel (Local or Foreign). Any industrial company that conducts it's manufacturing in Israel as well as R&D activities is entitled to receive the full range of government support for industry, namely: investment incentives, company tax benefits and OCS funding.
  25. 25.  FINANCIAL R&D CENTERS SUPPORT PROGRAM Israel has developed a highly dynamic and vibrant Financial Services IT sector. In order to capitalize on the capabilities of this sector the Ministry of Industry, Trade and Labour has devised an innovative support program directed at foreign Multi-National financial and banking corporations. To qualify the following criteria must be met: 1. 2. 3. The applicant is a foreign company and does not conduct any R&D activities in Israel Operates in the financial sector Has a turnover in excess of $10 billion. The type and level of Support The support is an up-front grant and no royalties will be required. The grants will be paid as a percentage (%) of the total budget approved. The grant payments schedule will be as follows: Year 1&2 3&4 5 Grant 40% 30% 25%
  26. 26. If the R&D Centre is located in a Priority Area (namely the Galilee in the north and the Negev in the south) the grant schedule will be 10% higher, as follows: Year 1&2 3&4 5 Grant 50% 40% 35% The maximum period of support per R&D project submitted will be 5 years. In order to receive this support the company must also obligate itself to employ the following number of R&D workers by the end of each given year: Year 1 2 3 No. of R&D workers 25 50 80 The R&D Centre may execute the project(s) through a subcontractor as long as the project(s) are executed in Israel and at least 90% of the subcontractor's employees working on the project(s) are Israeli citizens. The Office of the Chief Scientist (OCS) at the Ministry of Industry, Trade and Labour administers the program.
  27. 27.  EMPLOYMENT GRANTS 1. The Standard Program In order to complement the revised Law for the Encouragement of Capital Investments, the government has decided to establish an additional program to increase employment in the outlying areas of Israel as well as in specific centres with high unemployment. Support will be granted for the establishment or expansion of industrial plants, telephone call centres, computer service support centres or logistic centres. In order to be eligible for this program these enterprises will have to employ a minimum number of workers at a minimum wage as detailed below. The maximum support per worker will be 135,000 NIS (~ $34,000) over a period of 30 months or 4,500 NIS (~ $1,100) per month. The main points of the program are as follows: The Format In order to be granted the support from this program companies will have to compete via a tender like system. Eligible Areas a. The "Furthest Periphery", south of 75 latitude (Beer-Sheba) and north of the 258 latitude (Carmiel). b. Priority Development Area "A” as designated in the Law for the Encouragement of Capital Investments c. Designated towns of the Minorities population (Arab, Druze, Circassian) or the Ultra-Orthodox Jewish population.( Elad, Modi'in Elite , Betar Elite, Immanu'el)
  28. 28.  Wages Level To qualify the enterprise must pay its employees the following minimal wages at least: a. b. In the Minorities and Ultra-Orthodox towns, the minimum wage (about 3,850 NIS). In all other eligible areas – 5,500 NIS average monthly wages. Number of Workers To qualify the enterprise should employ a minimum number of workers according to the following criteria: a. Establishment of a new plant – at least 5 workers. b. Transfer of a plant – the number of workers previously employed or 5 (whichever is higher). c. Expansion of a plant – at least 5 new workers Amount of Support: The amount of support will be according to the following rates from the gross salary of the worker, but not more than the maximum salary of 15,000 NIS.
  29. 29.  Employment Grant Program for High Salaries (R&D Centers) The Ministry of Industry, Trade and Labor has launched a new incentive program for supporting industrial companies established in the Negev (south) and Galilee (north) that pay high salaries to their workers. This program is part of long-term plan areas to spread the prosperity the Hi-Tech community has brought to Israel by providing these areas with high-paying quality work places. Minimum Requirements: • Minimum employees’ number required: 15 • The average cost of salary of all new employees has to be at least 2.5 times the average cost of salary in Israel (about 20,000 NIS or $US 5,000). Employment Grants: The program provides investor with Employment Grants that will be determined as a percentage of the employer's salary cost for each new employee, for a period of 4 years.
  30. 30.  The Employment Grant Program for Anchor (Large) Enterprises The Ministry of Industry, Trade and Labour has launched a new incentive program for encouraging employment in large enterprises in the Negev (south) and Galilee (north). This new program is part of a long term plan for the Negev and Galilee to increase employment possibilities in the north and south of Israel. To qualify industrial companies have to employ at least 100 workers at their plant. The program offers the investor employment grants that will be determined as percentage of the employer's cost of salary for each new employee, for a period of 4 years. Minimum Requirements: • Minimum number of employees required: 100. • The average cost of salaries of all new employees has to be at least 1.5 times the average salary in Israel (about 12,000 NIS or $3,000). Employment Grants: The following is an outline of the grants scheme: • 35% - 45% of each new employee's cost of monthly salary in the first year. • 30% - 40% in the second year. • 10% -20% in the third year. • 5% in the fourth year.
  31. 31.  START-UP INCUBATORS As massive repositories of potential ideas, the Israeli technological incubators have helped make Israel’s hi-tech entrepreneurship world-renowned. The Office of the Chief Scientist (OCS) of the Ministry of Industry and Trade takes great pride in implementing the government policy of encouraging and supporting industrial research and development in Israel at the earliest stages. Today, with both public and private incubators assisting entrepreneurs in turning their ideas into exportable commercial products, Israeli business ventures look forward to a promising future. Highlights 1. There are 24 incubators scattered throughout Israel, many of which have been recently privatized. 2. By the end of June 2004, more than 1000 projects had left the incubators (in addition to the 200 that remained). Of these "graduates," 45% have continued on their own path. 3. Most of the ongoing projects have attracted private investments. 4. The total private investment obtained thus far is over US $773 million.
  32. 32. 5. Approximately 200 projects are being carried out in the technological incubators today. 6. Some of the incubators are gradually becoming more specialized, after several projects in a shared discipline have matured there. 7. Breakdown of projects fields of activity • • • • • • Electronics / Communication 19% Software 15% Medical devices23% Biotechnology 19% Agriculture and environment 11% Other 13%
  33. 33.  Functions of the Incubator 8. The principal purpose of the technological incubator is to help entrepreneurs successfully implement and commercialize their projects. The following services are provided: • • • • • • Assistance in determining the technological and marketing applicability of the idea and drawing up an R&D plan. Assistance in obtaining the financial resources needed to carry out the project; Assistance in forming and organizing an R&D team. Professional and administrative counselling, guidance, and supervision. Secretarial and administrative services, maintenance, procurements, accounting, and legal advice. Assistance in raising capital and preparing for marketing. Acceptance criteria 9. An R&D project based on an innovative technological idea that aims to develop a product with export marketing potential. • • • Entrepreneurs: fledgling entrepreneurs Team: 3-6 development people Stay in the incubator: approximately two years
  34. 34. 10. During the time in the incubator, the entrepreneur should carry his/her idea to the stage of explicit product definition and proven technological and marketing feasibility. A number of milestones should be met such as a prototype or working model and an orderly business plan. Additionally, the project should be ready for commercial investment and/or a strategic partner who is an expert in the field. 11. After the two-year period, entrepreneurs should be able to continue on their own if necessary, availing themselves of regular channels of state support or outside investments.
  35. 35.  TRAINING SUPPORT PROGRAM The Manpower Training Department in the Ministry of Industry, Trade and Labour actively assists industrial companies to train workers in the different disciplines and professions as required by the company. The support program is offered via three possible programs: 1. "Plant Class" whereby the department will support the opening of a class numbering at least 18 to train the workers in the specific skills as required by the company. The main condition being that the company obligates itself to employ at least 50% of the class graduates. 2. "Training and Placement Class". This program is intended for employers and institutions that wish to train workers in specific disciplines and professions. The company/institution commits itself to employ at least 50% of the class graduates within 6 months of the completion of the course. The Department will finance the entire cost of running these classes. 3. "Internal Plant Training". This program assists employers who wish to have an on-the-job training project in their plant. The Department will assist by paying 1,100 – 1,500 NIS (~$250 - $350) per worker in this program.

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