Tech companies in Israel may shift operations to India, other locations if war escalates: Report
Israel-Hamas war: Reportedly, there are over 500 global companies in Israel including - Microsoft, Intel, and Google.
As the Israel-Hamas has intensified, 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 war escalates further, a report by the Economic Times said. According to the report that cited industry experts, the businesses may shift to locations with similar time zones and talent capabilities.
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Reportedly, there are over 500 global companies in Israel including - Microsoft, Intel, and Google. Indian firms such as Wipro and TCS also have businesses in the country. These companies employ at least over 100,000 people.
While the high-tech industries have been the fastest growing sector in Israel, they are likely to face massive disruptions as the Israeli military shifted to a war footing that may include a full-scale invasion of the Gaza Strip, reported Reuters citing investors and analysts.
According to the spokesperson for chipmaker Intel - Israel's largest private employer and exporter - on Monday said that they are “closely monitoring the situation in Israel and taking steps to safeguard and support our workers.” Notably, Intel's shares fell 0.5 percent on Monday - two days after the Hamas militants in a surprise attack killed hundreds of Israelis and abducted an unknown number of others.
Israel-Hamas war
The war between Israel and Hamas entered its sixth day on Thursday and is expected to escalate further. According to the latest reports, over 2,300 people from both sides have been killed so far, while thousands of people have been displaced.
Read more: Israel prided itself over surveillance. Then, Hamas outmaneuvered by… going dark
In a late-night televised address, Israeli Prime Minister Benjamin Netanyahu vowed to rush and destroy Hamas. “We saw boys and girls bound, who were shot in the head. Men and women burned alive. Young women who were raped and slaughtered. Soldiers who were beheaded,” he said.
(With inputs from agencies)
