Samsung Next pulls out of Israeli tech industry

In a new win for Boycott, Divestment, Sanctions (BDS) movement, Samsung Next, which has invested in some 70 Israeli start-ups so far, is the latest to join the list of companies that have left the Israeli tech sector.

News ID: ۸۳۵۹۴۰

12 April 2024

EghtesadOnline: Another win for the BDS movement has been recorded after Samsung Next, the innovation sector of the Korean tech giant, Samsung, announced shutting down its operations in "Tel Aviv", occupied Palestine, Lebanese Al Mayadeen TV network reported.

Samsung Next, which has invested in some 70 Israeli start-ups so far, is the latest to join the list of companies that have left the Israeli tech sector, accounting for 50% of exports. According to the BDS movement, in 2023, investment in Israeli tech firms dropped by 56% as opposed to that in 2022.

Funding for the Israeli cybersecurity sector in 2023 hit a 5-year low, possibly due to an emerging loss of confidence in "Israel’s" once-envied security prowess.

Israeli opposition leader Yair Lapid wrote last year, “Israel is no longer the Start-Up Nation. It’s a nation in crisis. It’s a political, social & int’l crisis, but its effects will be economic. … Some of the [economic] damage caused recently will take years to repair.”

This comes a few days after McDonald's Corporation announced plans to acquire all of its restaurants franchised by the Alonyal group in "Israel", encompassing the sale of all 225 restaurant locations and the retention of the entire staff, which entails at least 5,000 personnel.

The corporation also noted that it remains "committed to the Israeli market", even though it has been a significant target of the vigorous boycotting campaign against franchises and businesses that extend support to the Israeli occupation, particularly following its war and genocide in the Gaza Strip.

Bloomberg revealed in February that McDonald's Corporation faced a setback in its fourth-quarter performance as sales failed to meet investor expectations, primarily due to the impact of boycotting on Israeli-linked businesses. / Mehr