Security exports up 35% in 2003
The Ministry of Industry, Trade, and Labor will make a special allocation for promoting security exports to the US.
Hadas Manor 26 Jan 04 13:53
The Ministry of Industry, Trade, and Labor will make a special $500,000 allocation for promoting security exports to the US over the next two years, in order to take advantage of the US Homeland Security procurement program established after the September 11, 2001 terrorist attacks in the US.
Israel Export and International Cooperation Institute chairman Shraga Brosh said today that security industry exports had jumped 35% to $600 million in 2003. He predicted a further rise of at least 20% in 2004, and said exports would reach $2 billion a year by 2010.
Brosh said, “The security and safety industry is now a gold mine for Israeli exports.” Global investment in the field will reach $1 trillion over the next decade, mostly in the US. In order to promote the industry, the Export Institute will soon embark on a project to help Israeli security companies penetrate the US market.
Export Institute figures show that 80 Israeli security companies were founded in the past year. Israel currently has 500 security companies, of which 300 are exporters, a 20% rise. 65 start-ups are active in the industry, 30% more than in 2002.
Twelve to fifteen Israeli security companies are expected to play a role in securing the Athens Olympic Games. The tenders are worth $150-180 million.
The Export Institute also plans to help Israeli security companies take part in the upgrading of ports in Italy, Singapore, and Hong Kong, following the US decision to increase port protection.
Published by Globes [online] - www.globes.co.il - on January 26, 2004