The London mayor questioned the logic of shunning the Middle East’s one “functioning democracy” as he kicked-off a three-day trade mission in Israel and the Palestinian territories.
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London Mayor Boris Johnson arrived in Israel last night to promote stronger technology trade relationships with that country.
Research commissioned by the IVC Research Center ahead of the trip found that there are already 141 Israeli tech firms with offices in London, of 239 that have registered United Kingdom premises.
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 now 16 Israeli tech firms listed on the LSE, which have a combined market value of £3.7bn.
James Layfield, CEO Central Working said: “I’ve been a proud advocate for London’s thriving tech scene for many years and in my opinion London will be the global city of choice for tech innovation within the next five years”.
After opening the stock exchange, Mr Johnson said: “Normally when I turn on any stock exchange around the world – in New York I did it and London – what happens is they immediately get what they call a sea of red”.
The Conservative MP will press representatives of Tel Aviv’s business community to follow other Israeli firms by investing in London when he hosts a reception in the city tonight. Calling on figures sourced by CB Insights, London & Partners claims that London has generated over $1.7 billion in venture capital investment since the beginning of the year, exceeding the $1.3 billion raised in the entirety of 2014.
Boris Johnson believes a “completely crazy” trade boycott against Israel lacks support – with only a “few lefty academics” pursuing the cause.
This sector accounts for 76% of all Israeli companies listed on the LSE, it adds.
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“We think there is huge, huge scope for progress, partnerships and commercial opportunities”, said Johnson. And they believe their programme will help accelerate the cooperation between Israeli and United Kingdom high tech companies and will contribute to innovation and technological breakthroughs. As part of his trip, Johnson and his delegation, which includes participants from the fintech and financial sector such as the London Stock Exchange, will be involved in presenting how Israeli-based companies can benefit by expanding their operations to London.
