Paris 2024Bank Hapoalim Chairman: "Israel stands at a crossroads"
Paris 2024
Bank Hapoalim Chairman: "Israel stands at a crossroads"
"Those who look at the short term may think that this is an existential crossroads," Bank Hapoalim Chairman Reuven Krupik said in Paris as part of Israel’s Business Delegation led by Calcalist and Bank Hapoalim, "but those who examine the events from a long-term historical perspective know that we have already faced challenges in the past."
"This year, our meeting is unique and has great importance because, alongside the emphasis on Olympic excellence and business innovation, it cannot be ignored that Israel stands at a crossroads. Those who look at the short term may think that this is an existential crossroads, but those who examine the events from a long-term historical perspective know we have already faced challenges in the past," said Reuven Krupik, Chairman of Bank Hapoalim, at the closing event of the Calcalist and Bank Hapoalim business delegation to Paris.
"Since the establishment of our tiny immigrant state in 1948, we have developed one of the leading economies in the Western world today. Israel has a surplus, and the GDP per capita is comparable to the large European economies such as Great Britain and Germany. We have been able to overcome the obstacles because we have always relied on three central pillars, which is also the center of this delegation. The first is leadership through excellence. Just like Olympic athletes, we understand as a nation that in order to stand out, a disproportionate investment in education is necessary, and we have led a transformation in Israel's economy despite the lack of natural resources. Through the investment in education, we have developed the unique expertise in technological innovation, which is the second pillar, which has become our outstanding advantage. The third part, which may be due to the fact that we are a country of immigrants, where the East and the West combine in great ethnic, religious, and cultural diversity, we are more open to the world, to the development of opportunities and business connections, which are the third pillar.
"France has also always been a leader in technological innovation and in the construction of some of the largest corporations in the world in the fields of media, energy, construction, high-speed trains, and aviation. The president of the country recently called on France to become a European leader in the field of artificial intelligence and thus further strengthen its position as one of the most technologically developed countries in Europe. Personally, as someone who has been working in the entrepreneurship and start-up ecosystem for fifty years, I strongly believe that innovation is the most enabling factor for a valuable and productive life. Innovation is where science, ideas, and dreams come together to produce tomorrow. I believe this connection is also what connects those present here today, to bring about a better tomorrow."
Israel's ambassador to France, Joshua Laurent Zarka, also spoke and said, "This year, France and Israel mark 75 years of diplomatic relations, of economic cooperation, and high trust between the countries. In 2023, trade between France and Israel will reach $3 billion; this reflects a trend of continuous rise from the eve of the war. The business sector is one of the pillars of the Israeli economy, and even in difficult times like today, the Israeli economy continues to show resilience, and you can see this in the positive numbers of the first quarter.
"Israeli start-up companies raised $1.6 billion from international investors. The capital raised was 10% higher than in the previous quarter. Twenty Israeli companies are exhibiting at the VivaTech technology exhibition that is currently taking place in Paris. All this indicates the high level of trust in them. On the part of the French investors - today, there are more than a hundred subsidiaries of French corporations in Israel that employ 7,000 people, including a company like Alstom that participates in a major infrastructure project. On May 28, with the support of the embassy, an event will be held that will focus on the development of infrastructure and transportation projects in Israel. French companies are increasing their presence in the entrepreneurial start-up ecosystem in Israel thanks to the innovation that characterizes it, either through direct investment or through Israeli venture capital funds, others have opened innovation centers in Israel. Retail companies such as Decathlon and Carrefour are also expanding rapidly in Israel and opening many branches.
"Another great success in our relationship is the appointment of the architect Yann Le Coadic to renew the King David Hotel in Israel and here I tell you: 'You hold in your hands the most beautiful and historic hotel in Israel.' Recently, Economy Minister Nir Barkat visited France with a delegation and met with the leaders of the business sector in France and with many investors. I hope that a parallel visit can soon take place in Israel to continue expanding the economic relationship between our countries. Since October 7, French delegations have been organizing to go to Israel with the help of the former minister for anti-Semitism, Nicole Guedj. Honorable Minister, you told me that cooperation is the best weapon in the war against anti-Semitism, and I agree and say that economic cooperation is also the solution for promoting peace."
