41% of the investments approved by the Ministry of Industry, Trade and Labor Israel Investments Center during 2003 went to foreign-owned enterprises, according to a copy of the Investment Center's annual report obtained by "Globes".
The report states that the Investment Center approved 126 grants to foreign-owned enterprises during January-November 2003, 41% of all approved grants.
Among the foreign-owned companies determined as eligible for benefits under the Law for the Encouragement of Capital Investments were BMC Software Israel, DSP Group (Nasdaq: DSPG), and Marvell Technology Group (Nasdaq: MRVL) subsidiary Marvell Semiconductor.
Foreign-owned companies received $252 million in investments, 48% of the Investment Center's total investments in January-November.
The Investment Center approved $136 million in 98 grants in January-November 2002, as well as the extraordinary $3.5 billion grant to Intel (Nasdaq:INTC).
However, because Intel received an extraordinary approval, the Investment Center excluded it from its comparison of investments in 2002 and 2003. Excluding the Intel grant, the number of grants for foreign-owned companies was 28% higher in 2003 than in 2002.
Published by Globes [online] - www.globes.co.il - on December 30, 2003