Israel: Millions allocated for promotion of construction industry

Tel Aviv [Israel], July 23 (ANI/TPS): The Investment Authority in Israel's Ministry of Economy and Industry and the Ministry of Construction and Housing are launching a new support track in the amount of approximately 12 million Shekels (USD 3.3 million) for the promotion and development of the construction industry in Israel, with an emphasis on modular construction.
"The main goal of the programme is to develop a knowledge-rich Israeli industry in the field of construction, which will improve labour productivity and reduce dependence on on-site work," said the Ministry. "Implementing innovation in the building industry will help deal with the high construction costs in Israel, increase productivity in the industry, shorten the timescales until the end of the construction phase and reduce environmental damage."
The new route is intended for investment in the establishment of new industrial plants or for investment in existing plants that wish to add production lines that will specialise in the field of advanced construction methods.
The Investment Authority has set as its goal the promotion of growth in the Israeli economy, through the wise distribution of incentives to increase labour productivity and the assimilation of innovative technologies among the industrial sectors in general and the construction industry in particular.
This programme joins the additional investment tracks that exist in the Investment Authority, such as a grants track, an advanced production track to increase productivity, and a circular economy track, which will make it possible to promote the construction industry, promote innovation processes such as the assimilation of technologies for advanced production and optimise the construction processes. (ANI/TPS)