"Innovation is the lifeblood of many economies in the world, especially for the US and Israel," US Under Secretary of Commerce for International Trade Francisco Sanchez told "Globes" in an interview. "There is a lot of American money invested here, mainly because Israel has done good work good work on money laundering, and this country has amazing skills. In addition, the Israeli government also strongly supports innovation."
"Globes": Do you think that the slowdown in global growth is affecting US investment in Israeli high tech?
Sanchez: "I haven’t seen the numbers yet, but I'd be surprised if there will be a sharp drop. Innovation and high tech are important for growth in both the US and Israel. Capital flow to innovative high-tech companies and projects will probably continue."
What about trade relations in general> How has the financial crisis and the Arab Spring affected them?
"The numbers for 2011 are not yet final, so it's hard for me to say, but I can say that bilateral trade rose by 9% in 2010, so we're on the right track.
"Israel has opportunities for American companies in areas such as transportation, and recently in oil and gas as well. I believe that we should continue to increase collaborations and synergies between the US and Israel, especially in innovative fields."
Sanchez visited Israel and the Palestinian Authority last month, after attending a World Economic Forum meeting in Jordan. During the visit, he met government officials and visited several high-tech companies.
Sanchez also met Palestinian Authority Prime Minister Salam Fayyed. "Fayyed is committed to an open market policy, and I think that there are opportunities for cooperation between Israel and the Palestinian Authority in the private sector. That is something that should be done to increase trust and ease the alienation between the two nations," he said. "I met with people in the private sector who are strongly committed to local economic growth."
As for Israeli-Arab collaboration under a US umbrella, Sanchez said, "This is something that ought to be considered by the private sector. But it's something we're checking out. After my visit to Jordan, I think that there is great potential for cooperation across a wide range of fields, especially tourism, between Israel and its neighbors. Such cooperation would contribute to both sides."
Sanchez concluded, "I am leaving Israel full of inspiration. There are many opportunities here that will contribute to both sides. I already want to get back to the US to meet government and private sector executives to tell them what I saw here."
Published by Globes [online], Israel business news - www.globes-online.com - on November 10, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011