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Israel’s industrial sector will receive $323 million in government aid

Israeli Finance Minister Israel Katz and Economy and Industry Minister Amir Peretz agreed on a plan to boost investment and jobs in Israel’s industrial sector, which is suffering from the economic fallout of the coronavirus crisis.

The two ministries worked with the Israel Manufacturers Association to develop the plan, which, pending Cabinet approval, will provide the industrial and high-tech sectors with NIS 1.1 billion. [$323 million] in help.

The plan includes funds to stimulate investment, research and development and innovation. It also gives priority to factories affected by the pandemic but which have managed to retain most of their employees, provides funds to develop new industrial zones and allocates funds to encourage new hiring by cooperating with employers on the process of training.

The departments plan to work together to create a bureaucratic-free process that will allow factories that meet the criteria to receive money with minimal red tape.

Katz said that “as part of the stimulus plan, we have agreed on an industrial sector aid plan that combines encouraging investment and increasing employment, which are essential to strengthen the economy. right now. In doing so, we ensure that beyond financial aid to employees, the self-employed and entrepreneurs, we will also develop investment and employment in the various industrial sectors.

Peretz added: “The investment incentive plan is huge news for employers and workers who have been affected by the coronavirus crisis. The scheme will first compensate fair employers who have chosen to keep their workers, despite a drop in their business income.

This article first appeared in Israel Hayom.

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