Israel’s Bill for the ‘Advancement of Israeli Technological Leadership’ Dedicates $360 M to Science & Quantum Technology Program
(CTECH) Israel’s arrangements bill encourages investment in startups and quantum technology. The government is trying to boost the tech sector, which is suffering from the Covid-19 crisis, with a series of new and old proposals.
The most significant clause in the bill in financial terms is the “Advancement of Israeli Technological Leadership” clause, which is dedicated to the implementation of a national $360 million five-year Science and Quantum Technology program for 2020-2025. This is an attempt to advance the 2019 program that has not yet been launched and will be budgeted by the government and participating academic and industry institutions. It will include investment in quantum technology researchers, the establishment of research and development centers for that purpose, and more.
The chapter dedicated to the tech sector in the draft of Israel’s annual economic arrangements law rests on already existing policies and attempts to revive previously debated actions, alongside lessons learned from the coronavirus (Covid-19) crisis, namely tax cuts for those who invest in the tech sector.
The draft law mostly addresses what it defines as ‘removing obstacles’ in the tech sector, highlighting three different aspects: angel investments, acquisitions made by Israeli companies, and provision of loans by foreign financial entities.