Major investment brokers and banks are advising the Foreign Ministry on how Israel can become an international financial center, Ministry Director General Yarom Ariav told an economic conference in Jerusalem. Advisors from Citigroup, Lehman Brothers and Goldman, Sachs have been consulting with government officials, according to Globes.
A ministry advisory committee of business executives and financial experts is working with another committee set up by Ariav to examine capital markets and possible reforms. "We will examine the cumulative experience of other countries in this area, such as Singapore, Hong Kong, and Ireland," Ariav explained. "Basically, we want to see to create a regulatory, tax, and human capital infrastructure that will suit the development of the Israeli capital market."