Is the tech sector leaving Israel? - Report: Number of employees looking to relocate abroad is increasing
Requests to relocate abroad from Israelis working at multinational companies operating in Israel increased last year in reaction to the two-year war against the Palestinian militant group Hamas, a report showed.
The Israel Association of Advanced Technology Industries (IATI) found that 53% of companies reported an increase in relocation requests from Israeli employees, noting that this was "a trend that, over time, could damage Israel's local innovation engine and technological leadership."
The technology sector accounts for about 20% of Israel's GDP, 15% of jobs, and more than half of its exports. Hundreds of multinational companies in Israel include Microsoft, Intel, Nvidia, Amazon, Meta, and Apple.
In its annual report, IATI also said that some multinational companies are considering transferring investments and activities to other countries.
At the same time, there has been an increase in demand for relocation among senior executives and families, with more employees applying for positions outside of Israel. However, the report noted that companies view the Israeli tech ecosystem through a long-term lens, and many firms have thrived during the war.
About 57% of companies maintained stable business activities throughout the war period and 21% expanded their operations in Israel. About 22% of companies reported damage to business activity during the war, which began on October 7, 2023.
"Even during the difficult war, the Israeli high-tech industry, including global companies operating in Israel, once again proved its resilience and ability to lead in innovation and creativity," the report notes.
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