Israel has become the most advanced economy in Southwest Asia and the Middle East, despite having few natural resources. This has all been made possible by Israel’s top-notch university system and its highly-motivated population. Indeed, Israel’s economic ascent has been rapid, putting it today as a top competitor among nations in the high technology sector.
Here are the facts:
- Israel has the second largest number of startup companies in the world – second only to the United States.
- Israel has the highest number of scientist, technicians, and engineers per capita.
- Israel is the second highest spender on research and development when measured as a percentage of GDP.
Given these facts and Israel’s impressive record for creating profit driven technologies, it should come as no surprise that it has become a top choice for many business leaders and high technology industry giants. Intel and Microsoft built their first overseas research and development facilities in Israel, and other high-tech multi-national corporations, such as IBM, Google, Apple, HP, Cisco Systems, Facebook and Motorola have opened R&D centers in the country.
Lastly, and perhaps most remarkably, this has all been accomplished without the kind of state-sponsored, debt-financed government development programs so common in other nations, and as a result, Israel has one of the lowest levels of external debt (debt owed to lenders outside of Israel) among developed nations. On a net basis, Israel is actually a lender to the rest of the world!