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Israeli Startups To Relocate Over Judicial Reshuffle: Report
Business groups have also cited the proposed changes as the reason for a 70 per cent drop in tech fundraising in the first half of the year, according to media reports
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Nearly 70 per cent of Israeli startups have taken action to relocate parts of their business outside Israel, a survey released on Sunday by an Israeli non-profit organisation on the government's planned judicial overhaul found.
The survey by Start-Up Nation Central sought to measure the economic impact plans by the hard-right coalition of Prime Minister Benjamin Netanyahu that would restrict the Supreme Court's powers to strike down legislation.
For months, demonstrators have held mass street protests against the plans they say they threaten Israeli democracy by removing a check on executive power.
Business groups have also cited the proposed changes as the reason for a 70 per cent drop in tech fundraising in the first half of the year.
Israel's tech sector is a growth driver, accounting for 15 per cent of economic output, 10 per cent of jobs, more than 50 per cent of exports and 25 per cent of tax income. But institutional investors have not been a big part of its success, with most investment coming from venture capital funds.
REUTERS