The Ministry of Economy has a number of main priorities:
- Helping develop and establish an efficient, profitable and competitive industry, that can be a leading cause of the Israeli market’s accelerated growth.
- Developing Israel’s international economic activity, especially developing export-increasing tools to guarantee massive foreign investment in the Israeli market and increasing its attractiveness.
- Expanding economic trade and cooperation with countries in our area, to fully utilize the relative advantages of each country.
- Developing human capital to extend human infrastructure according to industry and market needs.
- Promoting consumer awareness and public maintaining of fair trade rules, to ensure individual wellbeing and increase competitiveness in the market.
- Developing extrabudgetary financing tools – educated use of the national budget to create incentives for capital market participation in funding development and industry initiatives.
Authorities and Roles
The Ministry of Economy was founded in 1949 as the Ministry of Industry, and also included divisions handling commerce and employment.
The Ministry had changed its name several times, to reflect changes made in the Ministry’s responsibilities for political and functional reasons.
For most of its first thirty years, the ministry was called the Ministry of Commerce and Industry. In 1978 the name was changed to Ministry of Industry, Commerce and Tourism. Three years later, the Ministry of Tourism became independent, and the ministry became the Ministry of Industry and Commerce, implying that industry is prioritized over commerce.
In 2003, Ehud Olmert was appointed Minister of the expanded ministry, that now also included the Ministry of Labor (previously part of the Ministry of Labor and Welfare) and the ministry became the Ministry of Industry, Trade and Labor. In 2013 Naftali Bennett was appointed the Minister, and the name changed once more to the Ministry of Economy, and in 2015 the name changed yet again to its current name, the Ministry of Economy and Industry.
The Ministry of Economy and Industry is one of the major, leading economic entities in Israeli government. The Ministry’s roles have changed over the years, and its name changed accordingly.
The Ministry of Economy and Industry includes many ancillary units, like the Israel Laboratory Accreditation Authority, the National Physics Laboratory, the Diamond Administration, and the Israeli Export Institute.