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19 Iyar 5760 - May 24, 2000 | Mordecai Plaut, director Published Weekly
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Israel A Leading High-Tech Center

by Yated Ne'eman Staff

The recent opening of a Bank of America office in Tel Aviv highlights Israeli success in high tech. "Among the world's three to four leading centers, there are two or three regions in the U.S., and also some areas in Asia and Israel, but it's a very short list," said Barry Newman, head of the bank's Securities technology group in an interview with Globes magazine. "The closer the ties between Israel and Silicon Valley, the more natural it is for us to enter the Israeli market."

When asked why Bank of America is venturing into Israeli technology now, Newman credited the professional activity of Israeli firms in the aggressive American market. "The scope of opportunities has changed, and also our capability of working with Israeli companies, since Israel's business and technological community became more experienced in activity vis-a-vis NASDAQ and Wall Street," he explained.

Newman also dismissed concern that a decline in the shares of several Israeli firms represented a trend. "I don't believe that's a correct way to describe the situation," he said. "Valuations and growth rates are still unprecedented. The market today is at the same level as it was last November, following an unprecedented advance last year. Does a decline in the shares of a number of Israeli high tech companies, which only issued in 1999, constitute a reason? That's a silly question. We don't look just three months ahead, but a decade."

Newman also said he was particularly impressed with Israeli work in wireless communications, Internet software, and Internet security.


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