‘Minimal effect’ on MNCs in Israel despite war with Hamas

Israel’s war on Hamas has had “minimal” effect on the country’s multi-national corporations (MNCs), according to a new report by Israel Advanced Technology Industries (IATI), an umbrella organisation for tech firms operating in Israel. The report, according to the Times of Israel, cited a survey conducted by global accounting giant Ernst & Young (E&Y). Of the 60 managers of MNCs interviewed about the war’s impact on operations, 60 per cent said the war had “minimal impact” on their business in Israel; 30 per cent thought the impact was “limited”; 10 per cent considered the impact to be “severe”. According to Times of Israel, IATI report was presented at the body’s annual meet of CEOs of MNCs in Israel on Sunday. The forum was also attended and addressed by Israel President Isaac Herzog. “Returning from the front, removing the uniform, and resuming work, while their memories and perhaps even traumas remain in Gaza, are substantial events and, as such, I call upon you, at every opportunity and at all times, to preserve the rights and standing of those who have been away for three months,” Herzog was quoted as saying by the Times of Israel. The IATI report cited by the media outlet noted that 430 MNCs, with an employee strength of 86,000 workers, were operating on Israeli soil and made up nearly 18 per cent of the country’s high-tech force. “The top 10 largest multinational companies — Intel Corp, Nvidia, Google, Microsoft, Hewlett-Packard, Applied Materials, IBM, Philips, Apple — employ 37 per cent of workers, or over 31,000, mainly in areas of R&D, but also manufacturing, and logistics…” the Times of Israel said.