Israeli, German Technology Companies Work Together: Siemens, Software AG Invest Heavily in Israel
Germany and Israel share close economic ties. Israel is Germany second largest trading partner in the Middle East, while Germany is Israel's third largest trading partner after the United States and China. In 2010, Israel imported 3.3 billion Euros worth of products from Germany -- mostly high-quality processed goods. In that same period, Israel exported 1.5 billion Euros worth of products to Germany -- mostly high-tech products. Owing to the high priority given the defense sector, Israel possesses the prerequisite of an advanced industrial base able to keep abreast of technological innovation. Software AG, Germany's second largest software systems developer, acquired Israel's SPL Software in 2007. In recent years it has bought other Israeli firms, totaling over 77 million Euros. Through shared innovation platforms Israeli and German companies cooperate in technology and science. For instance, the German company Siemens made its first solar energy investment in Israel in August 2010, acquiring a 40 percent stake in Israel's Arava Power Company Ltd. for 12 million Euros. They also signed an agreement to build solar power plants. Israeli companies are also coming to Germany, in the last decade more than 100 Israeli companies have established a presence in Germany, helping stimulate its economy and adding jobs. Some of the companies include agricultural technology enterprises Agrexco and Netafin, and high-tech companies such as Checkpoint, Magic and Orad. It's clear that the ...