Public security minister Yitzhak Aharonovitch said in a statement: "Limiting gun ownership is at the top of our agenda and I intend to hold a weekly follow-up meeting on the subject."
He added: "The security situation in Israel in recent decades has led to the granting of numerous gun licences. We intend to restrict this while protecting necessary balance.”
According to Mr Aharonovitch, in the last 10 years firearm licences have been reduced from 300,000 to 160,000.
The Public Security Ministry has recently launched a campaign to collect weapons from individuals whose licences have expired. Reportedly, the Israeli authorities have received names of 6,500 people who have not renewed their licences.