May 18, 2022
 
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  • Source: FreePressers
  • 07/25/2019

FPI / July 10, 2019

By World Israel News.com

Israel is known as the Startup Nation but it is nevertheless tough to do business in the country, which is saddled with regulation.

The Netanyahu administration has committed itself to reducing that regulatory burden and on Sunday released its annual Regulatory Burden Reduction Summary.

According to Israel Hayom, the summary contains 58 plans from various government ministries that will lead to a direct savings of 1.5 billion shekels (US$422 million) per year. It will also save the equivalent of 7 million days of waiting each year connected to permits and processes.

About 50 regulatory requirements will be cancelled or reduced.

Prime Minister Benjamin Netanyahu said at the Cabinet meeting on Sunday, “Regarding regulation and the cost of living, over-regulation raises the cost of living… When you reduce regulation, you lower costs and in the end. This affects consumers’ pockets.”

Netanyahu noted that in 2013 the Organization for Economic Co-operation and Development (OECD) put Israel in almost last place due to its high regulatory burden.

“Five years have passed and the OECD issued a new report a few days ago. We were almost last and now we have jumped 16 places. This is unheard of. In 2018, we jumped to 18th place and are alongside Finland,” the prime minister said.

“Now, I am not satisfied with this. I want another jump forward. I want to be above the average; in the middle is not a good place. I want to be one of the least bureaucratic countries, least regulated countries, in the world, because this means money in consumers’ pockets,” he said.

“Last year, the activity that we undertook saved consumers and the State of Israel NIS 1.5 billion. Throughout this period, this jump has saved over NIS 4 billion. We will continue on this path.”

FPI, Free Press International

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Benjamin Netanyahu by Ruperto Miller is licensed under Public Domain

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