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Israel’s finance minister has unveiled the latest step in the government’s attempts to lure skilled expatriates back to the country.
Yuval Steinitz launched a programme to boost Israel’s technology industry by offering tax benefits to investors and expatriate scientists returning to universities.
"Our aim is to preserve our leadership in technology, to increase and widen our advantages and to spread them to additional areas," the minister told a High Tech Industry Association conference.
The Comparative Advantage programme aims to encourage the growth of medium and large national companies through acquisitions of smaller firms, with tax incentives.
Science and technology education in the classroom will also be given provision under the proposals, with former and current employees of technology companies being encouraged to teach, finance ministry director-general Haim Shani said.
Israel is currently experiencing a brain drain with professionals and students opting to work and study overseas, so the country is taking a series of steps to encourage expatriates to return and invest their expertise and resources.
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