Samsung Next, the innovation branch of Korean company Samsung, has announced that it is closing its operations in Israel and moving its activities abroad. The decision was made due to the ongoing challenges faced by the Israeli economy, particularly due to the war on Gaza. The move comes amid concerns about the country’s economic outlook, with uncertainties around fiscal trajectory and the duration and intensity of the conflict.
Despite the difficulty of the decision, Samsung Next recognized its achievements over the past decade in Israel, including investing in 70 companies and startups. The US office will take over regional clients and investments, with the transition expected to be completed by autumn. The team in Israel will receive resources and advice from the US office.
The closure of Samsung Next’s operations in Israel is seen as a sign of declining confidence in the Israeli economy by some, particularly those who support the Boycott, Divestment, Sanctions (BDS) movement which advocates for an embargo on Israel. Prior to the war on Gaza, there were concerns raised over controversial judicial reforms that could impact economic growth.
Israel’s tourism industry has also been affected by
