Bilateral trade between UK and Israel up 25 percent to £6.9 billion

Trade between Britain and Israel increased by 25 percent last year, Israel’s ambassador has announced.

Mark Regev told the largest ever UK Israel Business Awards dinner that bilateral trade reached £6.9bn in 2017, compared to £5.5bn in 2016.

Describing the hike as “remarkable”, Regev said it “demonstrates the momentum behind our economic relationship. The hard work of businesspeople and entrepreneurs like all of you at UK Israel Business leaves me in no doubt that the Israel-UK partnership will continue to grow in the years ahead”

CEO Hugo Bieber said: “As more Israeli companies look to open operations in the UK, the outlook for 2018 is good and we expect to see continued growth in trade and investment between the UK and Israel.”

The dinner saw the London Stock Exchange Group honoured as British Company of the Year following its creation of an Israel-based Head of Primary Markets. Twenty-nine Israeli companies are currently listed on the LSE include another winner on the night, Crossrider, which provides marketing technology to monetise mobile and web media.

Teddy Sagi’s LABS, which has creating a tech ecosystem in London through its co-working space, scooped the Israeli Company of the Year title, while healthy.io – which has turned the smartphone camera into an approved medical device – was named most promising company. Businessman and philanthropist  Leo Noe was awarded a lifetime achievement award for his role in furthering UK-Israel links.