December Edition 2019

11 “Trade ties between the UK and Israel are stronger than ever. Indeed,with Israel cementing its position as a global leader in a number of hi-tech industries, and the UK a critical global hub for financial services, the two countries hav e a lot to offer each other,” said Gil Karni, CEO of Leumi UK. As the UK prepares for its formal exit from the EU – currently scheduled for the end of January 2020 - establishing lasting, meaningful trading relationships has become a key priority for the British Government. As the first country to sign a bilateral trade agreement with the UK, Israel represents an exciting opportunity for a number of key industries – and strengthening this relationship will give the UK access to one of the world’s most innovative markets. And the signs are promising. “Despite the continued uncertainty surrounding the UK's departure from the EU, we continue to see high levels of inbound Israeli investment into the UK and outbound UK investments into Israel,” points out Nathan Krapivensky, Clifford Chance’s Managing Associate in Israel. Head of Allen & Overy’s Israel Des k, Lee Noyek a dds: “What both Brits and Israelis need to understand is that neither Brexit nor political instability is likely to change the complementary ways in which their economies are developing, and to seek out the many opportunities that abound.” AWhite Paper published by the UK government has identified Israel as a priority trading partner post-Brexit and a working group of Israeli and British officials has recently been set up to assess the investment opportunities that both countries present to one another. “Surprising though it may sound, the number of Israeli companies setting up in the UK in the year after the Brexit referendum increased by 28 per cent. suggesting that they too see Brexit as more of an opportunity than challenge,” adds Krapivensky. “Israel continues to be that rare thing, a beacon of relatively strong growth within the OECD and a country that remains open to investment, which is particularly noteworthy as global economic sentiment changes” indicates Noyek. Golden Opportunity for Israel and UK In the year after the referendum, Israeli companies setting up in the UK jumped 28%