Boeing strengthens Israeli companies by investing $1b. in last 3 years
“This news from the ICA that Boeing helped strengthen the Israeli aerospace sector by US$1 billion in just three years is impressive but not surprising,” said Maria Laine, Boeing vice president.
By JERUSALEM POST STAFFAn Israeli flag is seen on the first of Israel's El Al Airlines order of 16 Boeing 787-9 Dreamliner jets, as it lands at Ben Gurion International Airport, near Tel Aviv(photo credit: REUTERS/AMIR COHEN)Boeing invested approximately $1 billion through cooperation with Israeli companies in the last three years through multiple cooperation projects, according to data from the Israeli Foreign Investments and Industrial Cooperation Authority (ICA) and Economy Ministry.In 2018, Boeing signed a long-term agreement with the Economy Ministry, aimed at developing Israel's aerospace industry. 35% of the contract value from Israeli government defense procurements were to be invested in Israel-based companies and suppliers, totaling in approx. NIS 3.5 billion.“This news from the ICA that Boeing helped strengthen the Israeli aerospace sector by US$1 billion in just three years is impressive but not surprising,” said Maria Laine, Boeing vice president, International Strategic Partnerships. “Boeing’s partnership with Israel extends more than seven decades and the country has a robust and capable industry that can provide global support to both defense and commercial businesses.”Laine stressed that the agreement is also a testament to the ICA’s commitment to bridge the gap between small and medium-sized (SME) businesses and multinational corporations.“This agreement is definitely an opportunity, a vote of confidence, especially these days and a declaration of intent by a leading international business corporation in the capabilities of the local Israeli industry and its products,” said Ziva Eger, ICA chief executive. “By nurturing strategic partnerships such as these, we will continue to promote the Israeli economy forward.”As a result of the coronavirus pandemic, the aerospace giant was forced to burn through more than $4 billion in cash, however that did not hinder the company's cooperation with Israeli areospace industries."The considerable investment in Israel’s aerospace industry by both the Israeli government and Boeing has and will continue to serve as an accelerator of growth in the country, and a bedrock for commercial and military customers and suppliers to develop lasting partnerships," Boeing said in a statement.
