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Middle East >> Israel >> Business and Economy of Israel

Busines and Economy of Israel

Israel has a market economy with substantial government participation. Israel’s natural resources are limited, and only 17% of Israel’s land is arable. Yet the Israelis with their inventive brilliance have developed a highly organized agricultural sector that produces top quality citrus and other fruits, vegetables, cotton, beef, poultry and dairy products. It was only twenty years ago that Israel shifted from an agricultural economy to a highly developed industrial economy. Most of the people work in the service industry followed by construction, agriculture, forestry and fishing. Among the industries, food processing, textiles and apparel, production of chemicals, plastics, metal products, electrical and transport equipment, hi-tech electronic equipment and military technology are important. Israel is a world leader in computerised printing techniques, genetic cross breeding of plants and livestock, and diamond cutting and polishing.

Israel imports uncut diamonds, crude oil, grains, raw materials and military equipment, and exports agricultural products, hi tech equipment, cut diamonds, chemicals, clothes and textiles. The Dead Sea is the country’s major source of minerals such as potash, bromide and magnesium.

Israel has discovered new ways of irrigation, drip irrigation system being the most common all over Israel. New techniques such as cloud seeding, desalinating seawater and recycling sewage water have helped overcome water shortage in the country.

Business Guide

Most businesses are open between 8.30 am and 7pm, though shopping malls stay open till 10pm.Most have longer days on Thursdays. Shabbat, the Jewish day of rest, lasts from sundown on Friday to sundown on Saturday.

Banks open on Sunday, Tuesday and Thursday: 08.30 to 12.30 and 16.00 to 18.00, and Monday and Wednesday: 08.30 to 12.30, Fridays and holidays: 08.30 to 12.00. Government Offices are open to public from Sunday to Thursday between 08.00 and 13.00.

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