Due to Dollar Fluctuations.. Israeli Finance Ministry Develops a Plan to Support Industrial and Technological Sectors

SadaNews Economic Translation - The economy section of Yedioth Ahronoth reported on Tuesday evening that the Israeli Finance Ministry has published an aid plan for the industrial and technological sectors.

According to the Hebrew site, as translated by SadaNews Economics section, the significant rise in the value of the shekel against the dollar in recent months has caused major difficulties for both sectors.

The plan has been defined as a framework to support the export and high-tech sectors with an amount of approximately 1.6 billion shekels, which is not a large sum, aimed at assisting many factories and companies that have faced difficulties and losses and have closed their production lines throughout Israel.

The site pointed out that this does not meet the primary demand of exporters, industrialists, and heads of the high-tech sector, which is to allow them to pay taxes in dollars from now on.

Discussions are ongoing in the Finance Ministry regarding the possibility of meeting the request of these companies.

The Hebrew site anticipated that the demand of these companies, especially the large ones that have been mainly affected by the decline in the value of the dollar in Israel, will be partially met.

Israeli Finance Minister Bezalel Smotrich announced his adoption of the recommendations of the team he appointed to study ways to support the high-tech sector in light of the shekel's appreciation, which include enhancing and supporting this sector, investing in it, training workers, and expanding the scope of tax exemptions to encourage investments.