Israel has one of the most vibrant technology sectors in the world, and new research has revealed that London is the most popular European destination for Israeli technology companies looking to expand overseas. With that in mind, the Mayor of London has taken a trip to Israel in an effort to convince more Israeli technology companies to come to his city, where he hopes they’ll set up shop and go public, which would increase London’s GDP and create more jobs.
The Mayor of London is calling for stronger technology trade links with Israel, after new research revealed that London has become the leading European destination for Israeli technology companies looking to expand overseas. Israel boasts one of the world’s leading tech sectors, and London has become the first choice for Israeli tech businesses looking to list on the stock market, according to the research compiled by London & Partners, the Mayor’s promotional company and IVC Research Center. Technology companies make up over three quarters of all Israeli companies listed on the London Stock Exchange and, over the last five years, they have raised over £240m through those listings. There are currently 16 Israeli tech firms listed across the London Stock Exchange’s markets with a combined market value of £3.7bn. Speaking at the beginning of a three-day trade mission to Israel, Boris Johnson said that London was the “natural tech partner” for Israeli firms looking to expand. The capital currently houses 141 Israeli tech firms, representing over half of the 239 Israeli companies with an office in the UK, according to data collected by IVC, and Mr Johnson urged more of these companies to locate in London.