British attempts to bolster trade with Israel in the wake of the Brexit vote will be boosted by the continued fall in the pound and the strengthening of the shekel, a leading business expert has said.
Hugo Bieber, chief executive of UK Israel Business, says the cheap pound is convincing increased numbers of Israeli companies to use the UK as a base for expanding their start-ups.
Mr Bieber said: “A cheap pound makes the UK a more attractive place for Israeli investment and we expect this to translate into an increased number of jobs being created in the UK by Israeli companies using the UK as a base for market entry and expansion”.
Trade between the two nations is said to be worth £5 billion. One main area of co-operation is cyber security, in which Israel receives 20 per cent of worldwide investments.
Mr Bieber said:“Israel is a world-leader in cyber security and UK Israel Business has played a role in ensuring that the majority of the UK’s largest banks have sought out Israeli expertise to help protect our banking system.”
Israel and the UK have set up a working group to negotiate trade deals, with a team of up to four officials meeting later this month.
V Graphic, back page