Good economic partners
Economic relations between Germany and Israel are highly varied, and the volume of trade is growing.
Germany-Israel Innovation Day will be celebrated on 29 June 2015 in Tel Aviv, an economic-policy climax to a year that marks the 50th anniversary of German-Israeli diplomatic relations. The hosts will be Sigmar Gabriel, Germany’s Federal Minister for Economic Affairs and Energy, and Arie Deri, the Israeli Minister of Economy. Innovation Day will bring together leading personalities from Israel and Germany who are at the cutting edge of innovation in their respective fields. The aim is to stimulate economic cooperation and simultaneously continue the successful cooperation of the past.
Economic relations between Germany and Israel have developed dynamically over the last 50 years. In 1960 the volume of trade between Germany and Israeli totalled 100 million US dollars; in 2014 the figure was 6.2 billion dollars according to preliminary calculations. This means that Germany is Israel’s third most important trading partner after the USA and China; in the opposite direction, Israel is Germany’s second most important partner in the Middle East. German companies are valued partners: Siemens, SAP, Volkswagen, Deutsche Telekom, Bayer, Merck and Henkel have invested more than 100 million euros in Israel in the last few years. The two countries also cooperate successfully in research and development projects.
Germany delivers primarily machines and equipment as well as vehicles, metals and metal products to Israel. Biotech, clean technology, IT and the telecommunications sector have grown particularly strongly. Israel and Germany share the aim of wanting to improve and strengthen partnerships between small and medium-sized businesses. Investments and joint projects are planned in the fields of energy efficiency, environmental technology and life sciences, but also in such areas as vocational training.
