Israel Business Update - February 14, 2007

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Israel Business Update
Volume Il Issue IV – February 14, 2007

Prepared by Dr. Mike Cohen of the Galilee Institute (http://www.gogalil.com)

Exclusively for Team M-EDG (http://www.m-edg.com) and its Israel Biomedical Initiative

Standard & Poor's upgrades Israel's rating outlook

(Israel Business Arena Via Thomson Dialog NewsEdge) International rating agency Standard & Poor's (S&P) has upgraded its outlook for Israel's credit rating from "Stable" to "Positive". The upgrade is in the light of the Israeli economy's resilience in the face of external shocks. S&P confirmed its long-term foreign currency and local currency ratings for the State of Israel at A- and A+. The short-term rating for both foreign currency and local currency is A-1.

Oracle Opens New R&D Center in Israel - Collaborates with the Office of the Chief Scientist
Oracle, which has already invested in four Israeli companies, has opened its first R&D Center in Israel, to be based on the technology and personnel of start-up Demantra, which Oracle acquired in May 2006 for US$41 million. Oracle Israel Managing Director Moshe Horev said that the company would invest $2 million to $3 million in at least eight other Israeli companies this year. The investments are made through Oracle Israel's center for excellence, where the company collaborates with the Office of the Chief Scientist, matching the latter's investments in start-ups.

Conference sets goal of luring Israeli tech firms to Northeast Ohio
Yossi Mazel hadn’t been considering Greater Cleveland as a second home for his Israeli company, but he is now. The vice president of sales and marketing for medical software firm CogniFit is visiting Northeast Ohio this week as part of the Ohio-Israel Medical IT Mission, in which nearly 20 Israeli firms are learning about medical opportunities in Cleveland, Akron and the rest of the state. The four-day mission was organized by the Israeli government and SGI Global Business Advisors LLC, a Beachwood international economic development consulting firm. The idea is to connect Israeli life sciences companies looking to enter the American market with local health care providers and firms, said Lt. Gov. Lee Fisher, who gave the opening speech for the conference. “We want to send a message to Israeli companies that Ohio is open for business,” he said. “We want them to do much more than just trade with Ohio. We want them to invest in Ohio.” Lt. Gov. Fisher said he hopes the conference will encourage Israeli firms to either move their businesses to Northeast Ohio or to open a satellite office here. He said the conference is a good way to leverage Ohio’s assets in the health care field as well as pairing them with talent from Israel.

GOVERNOR CORZINE EXTENDS NEW JERSEY-ISRAEL COMMISSION THROUGH 2012
Governor Jon S. Corzine has signed Executive Order 49 extending the New Jersey-Israel Commission through January 1, 2012. “I’m proud that New Jersey will continue this long-standing tradition of encouraging international commerce with Israel,” said Governor Corzine who will travel to Israel on an economic development mission at the end of January. “Israel represents an important partner in the further development of New Jersey’s technology, life sciences and stem cell research industries.”

Israel-China Mutual Trade Experiences Rapid Growth - encompasses the fields of life sciences, hi-tech, venture capital, agriculture, chemicals and water
A reception marking the 15th anniversary of the establishment of diplomatic relations between China and Israel was held in Herzliya, an Israeli coastal city. "I think that China has made such an impressive progress in the economic domain," Israeli Deputy Prime Minister Shimon Peres told Xinhua, adding that he also appreciated China's effort to try to combine such advancement with its traditional values. According to Israeli official statistics, the level of Israel- China mutual trade grew rapidly, from 54 million U.S. dollars in 1992 to 3.39 billion dollars in 2006. At the beginning of the relationship, trade was primarily focused on the fields of agriculture, chemicals and water. Today Israel-China commerce also encompasses the fields of life sciences, hi-tech and venture capital.

Israeli Life Sciences Delegation Visits Indiana
The Indiana Economic Development Corporation (IEDC) hosted a delegation of leading Israeli life sciences companies last month in an effort to facilitate networking and explore partnership opportunities with Indiana universities, companies and state and local economic development officials. The trade mission focused on promoting Indiana’s life sciences-related assets and university research partnerships to a contingent of major Israeli companies in the biotech sector. “Reaching out beyond our borders and building relationships is a crucial step in bringing job creating investments to Indiana. Hosting a delegation from Israel helps us focus on increasing opportunities in the life sciences sector and is a part of our effort to grow this industry,” said Nathan J. Feltman, Indiana Secretary of Commerce and IEDC chief executive.

Gilat Reports Fifth Consecutive Quarter of Improved Financial Results in Q4 2006
PETAH TIKVA, Israel--(BUSINESS WIRE)--Gilat Satellite Networks Ltd. (Nasdaq: GILT), a worldwide leader in satellite networking technology, solutions and services, today reported its results for the quarter ending December 31, 2006. Highlights for the Quarter: Revenues increased to $65.4 million, representing a 17% year-over-year growth; Net income increased to $4.5 million, from $1.0 million in 4Q 2005; Shareholders' equity increased by $45.3 million to $212.1 million

Israeli Hospital Treats Wounded Palestinians
Ashkelon, Israel (CNSNews.com) - Despite the ongoing Israeli-Palestinian conflict, Israel continues to treat Palestinians in its medical system, including an Israeli hospital in this southern coastal city that is helping those wounded in recent internecine fighting in the Gaza Strip. Barzilai Medical Center has treated sick and wounded Palestinians for more than a decade but over recent weeks many more "severely injured" Palestinians than usual have been hospitalized there, said Dr. Ron Lobel, the hospital's medical director. This week 11 Palestinians were in Barzilai's wards, among them Tawfik, a 23-year-old from Jabaliya in the Gaza Strip who was shot in the leg by a Hamas gunman.

Dried fruits sales bring in NIS 200 million ahead of Tu B'Shvat

Ahead of the tree planting holiday of Tu B'Shvat, the sales of dried fruits in Israel has skyrocketed to nearly 200 million shekels ($47 million) according to the Federation of Israeli Chambers of Commerce. During the Jewish holiday, marks the planting of new trees and will take place on Feb. 3, there is a 300 percent rise in dried fruit consumption compared to any average month, and nearly 34 percent of the annual sale of dried fruits takes place during the holiday.

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