Greetings from the Minister of Industry and Trade

Dear Friends,

I would like to take this opportunity to commend the Chamber for their tireless efforts in promoting ties between Israel and Canada and it is my hope that the activities of the Chamber and its members will lead to forging even stronger trade activities between the two countries.
During the four years that have passed since the implementation of the free trade agreement which resulted in the elimination of duties on most products, exports and imports have been rising steadily reaching a total of approximately 900 Million Canadian dollars in two-way trade in 2000. During that period, Israeli export to Canada has risen by 93%.

Nevertheless, there are other important aspects in the growing diversity of our economic relations, mainly direct investments. For the past ten years there has been a steady flow of Canadian companies looking for opportunities in Israel leading to partnering with Israeli companies or outright acquisitions. Companies like Nortel, Creo, Claridge, Global Upholstery, and Permadoor for example, have taken advantage of Israel's skilled human resources and the free trade agreements that Israel has with many countries, and have invested in Israel both in the hi-tech and traditional sectors.

With the development of the Israeli economy and as Israeli companies expanded their global activities, a new investment trend has taken shape. In recent years, companies like Teva, Delta Galil, Amdocs and others have begun to take advantage of investment opportunities in Canada.

As partners, Canada and Israel have made significant progress that is reflected in the diversity of the economic relations between the two countries. The potential for growth is limitless for both economies as they capitalize on each other's strengths and know-how.

My Ministry will be pleased to assist the chamber in its initiative to further strengthen the economic ties between the two countries.

Sincerely,

Ben Eliezer Binyamin
Minister of Industry and Trade
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