UK Tech Can Boost Global Reach with Israel Trade Deal: Israeli Tech Experts

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."


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