The UK tech industry can boost its global reach and enhance growth if it signs new trade deals with Israel. This is the belief of Israeli tech experts. Since the UK has exited the EU, its trading relations with the EU have become more complicated than ever. So, the UK government is seeking new trade deals to help fill the gap.
International
trade secretary Anne-Marie Trevelyan has shared that the UK was in talks with
Israel to expand its trading relationship. She shared this information back in
July and also mentioned that a particular focus will be on increased cooperation
between the tech industries of both countries.
eToro's
Daniel Moczulski believes this is an important step in developing the global
reach of UK tech. He said, "By improving relations between the UK and
Israel's tech scene on a broad level, we can hopefully encourage more of these
promising companies to choose the UK as the first rung of the ladder when it
comes to international expansion."
Moczulski
also said that the UK tech industry has a significant appeal internationally thanks
to its "very well-established financial and tech sectors." He also
added that it could benefit from improved cooperation with foreign tech hubs
like Israel. He stated, "Israel, by nature, has had to have a global
approach to solutions, and this approach can help the UK to look wider than
just the local market." By opening itself more to the international tech
community, "the UK tech and fintech scene can also gain exposure to new
ideas and products, improving competition and innovation," he said.
The UK
is Great for Israeli Startups
The UK is
serving as a launchpad for several Israeli startups. Over 150 such startups
with offices based across Europe are in the UK, according to a Silicon Valley
Bank report citing Dealroom data.
Israel is
among the leading tech hubs and home to over 90 unicorn companies. Fintech
company Plus500 and transportation management startup Gett are examples of such
companies. Both were founded in Israel and have headquarters in London.
Israeli
investors are also backing tech startups not just in Europe but in other
nations as well.
London
is the Center of Attention
London is
an appealing option for Israeli tech firms to establish their presence. Rapyd
is an Israel-founded company that has moved its headquarters to London. Sarel
Tal, VP EMEA at Rapyd justified that by saying, "Rapyd chose London for
its great combination of technology and financial regulation." He said: "Since
day one, we've recognized the strategic value in uniting and fostering
cross-border collaboration between British and Israeli tech."
Tal added that
"by fostering collaboration between the booming British and Israeli tech
communities, the entire world can benefit from hi-tech innovation" and
also mentioned that UK tech could benefit from the "availability of talent
on both the technology and business sides."
Trevelyan
commented on the increased cooperation between the two tech industries: "The
UK and Israel are both modern, hi-tech services superpowers, but our current
trading relationship is based on an agreement from 1995." She added: "We
want a deal that will play to British strengths while stimulating innovation
and increasing opportunities for small and medium-sized enterprises across the
UK."
Sources:
https://www.uktech.news/news/industry-analysis/uk-israeli-tech-20220808
https://newsheadlinesuk.com/uk-technology-could-increase-its-global-reach-thanks-to-a-trade-deal-with-israel-industry-figures-say/56146/
https://p2pfinancenews.co.uk/2022/07/21/fintech-set-to-benefit-from-uk-israel-trade-deal-talks/