Israel looks to Asia as BDS makes ground in EU

With the threat of trade sanctions by the EU and an apparent increase in anti-Semitism in Europe, Israel's Prime Minister declares that there is far more potential in Asia than Europe

Israel looks to Asia as BDS makes ground in EU

World Bulletin / News Desk

As a boom in demand for technology increases, Israeli companies are increasingly turning to Asia to capture the market as their governments wish to reduce their focus on Europe and turn their attention to Asia instead.

Citing rising anti-semitism and fears that the European Union could take trade steps against Israel over its settlement policies on Palestinian land, Netanyahu outlined his intention in a cabinet meeting last month saying "We definitley want to reduce our dependence on certain markets in western Europe"

This comes at the same that BDS movement has made its place in European countries, spurring several companies in Holland and Denmark to end their trade deals with Israeli companies. This effectively signalled trade problems in the region. In response, Israeli companies have played down the effects by wanting to spread to the Asian markets instead.

According to a report by Haaretz, Israel has been slow to enter the Asian markets more so because of the cultural differences. Israeli's are known for their abrasiveness as opposed to the to patient and quiet diplomacy of Asian countries.

Despite Asia being Israel's second biggest trading partner, of the 3000 Israeli companies, only about 1000 trade with Asia, particularly to China and India. Government data shows that 25% of exports go to Asia and half of that is only to two companies, Intel's Israel unit and potash producer Israel Chemicals.

Güncelleme Tarihi: 05 Şubat 2015, 15:04