Global technology companies in Israel may shift their business operations to India or other locations such as the Middle East or Eastern Europe, if the Israel-Hamas war intensifies, said a news report. Cited industry experts, the report said that the businesses may shift to locations with similar time zones and talent capabilities.
According to reports, there are over 500 global companies in Israel. In addition to Microsoft, Intel, and Google from the US, firms such as Wipro and TCS from India have businesses in the country. These companies employ at least over 100,000 people.
For a few decades, high-tech industries have been the fastest growing sector in Israel and crucial for economic growth, accounting for 14% of jobs, which is almost a fifth of the country’s gross domestic product.
US chipmaker Intel is “closely monitoring the situation in Israel and taking steps to safeguard and support our workers.” Another US chipmaker, Nvidia, the world’s largest maker of chips used for intelligence and computer graphics, recently cancelled an AI summit scheduled for Tel Aviv.