Despite the financial turbulence, a record number of requests have been submitted to the government’s Investment Center for the funding of new business initiatives.

The average annual number of such requests has generally been 30, yet this year it was 109. The unusually high number of requests can potentially lead to 800 new jobs.

Sample high-profile initiatives funded by the Investment Center include: Antenna monitoring within buildings; a hearing aid installed in the mouth cavity; cardiac mitral valve treatment; a multi-channel passive optic net; a mobility mechanism for those whose legs are paralyzed; and an enzymatic process to produce bio-diesel fuel.

The deadline for the requests to the Ministry of Industry and Trade’s Investment Center was this past Thursday.  The requests deal with new initiatives, as well as the expansion of ongoing ones.

Asher Sheetrit, Deputy Director of the Investment Center and head of its Employment Track, says that the present budget allotted for the new programs, NIS 100 million (roughly $25 million) will not be sufficient. “The requests could lead to 800 new jobs,” he said, “but the budget will have to be expanded.”

Industry and Trade Ministry Director-General Gavriel Maimon notes that the record number of requests is an “encouraging sign” and can provide employment solutions for the periphery and weaker population sectors. He too said, “I hope the new government and the Finance Ministry will identify the potential in this tool and will expand its budget.”