JERUSALEM : Barak Eilam, a former Israeli intelligence officer who now heads cloud-based software provider NICE, says he has never had problems selling Israel as an investment destination.But on a call last week, Eilam sensed this may be changing when major investors he had partnered with for years began
JERUSALEM : Barak Eilam, a former Israeli intelligence officer who now heads cloud-based software provider NICE, says he has never had problems selling Israel as an investment destination.
The proposals by the new right wing government of Prime Minister Benjamin Netanyahu to strengthen political control over judicial appointments while weakening the Israeli Supreme Court's ability to overturn legislation or rule against government action have brought tens of thousands onto the streets of Tel Aviv and other cities over fears they will politicize the judiciary and compromise its independence.
Earlier this week, an open letter from a group of more than 270 business and economy experts, including former central bank officials and Netanyahu advisers, said the judicial reforms represented"a danger to Israel's economy". "Everybody knows Israel is never on safe ground because of the complicated diplomatic issues," Guez told Reuters."But now we're adding this reform which is ultimately emerging as harming democracy, that's a fatal blow."
But for many in an industry that accounts for 15 per cent of the country's overall economic output, 10 per cent of its workforce, more than half of its exports and a quarter of its tax income, the judicial reform proposals have created palpable alarm. There is also a deeper unease about the widening divisions between liberal Tel Aviv with its fast-paced style and plethora of tech start ups and the fiercely nationalist tone of the new government and its pro-settler and religious parties.
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