Israel/OPT: Samsung Next announces plans to shut down operations in Israel as war on Gaza continues
" Samsung Next withdraws from Israel as economy suffers from Gaza war", 12 April 2024
Samsung Next will shut down its operations in Israel and shift its activities abroad, as the Israeli economy suffers a downturn due to the ongoing war on Gaza.
The firm, which is the innovation branch of Korean company Samsung, announced to staff it was closing its operations in Tel Aviv, a regional tech hub.
An email to office employees said: "[T]his decision, although difficult, does not diminish the achievements we have accomplished together for almost a decade", including investing in 70 companies and Israeli startups, according to Israeli tech publication CTech.
The US office, which will be taking over regional clients and investments in a process the company expects to occur by autumn, would provide resources and advice to the team, the email added.
It comes after a flurry of difficulties for the Israeli economy since the 7 October attacks and war on Gaza, including in the tech sector.
The Boycott, Divestment, Sanctions (BDS) movement , which calls for an embargo on Israel due to rights concerns, said the move was "yet another strong indicator of the dramatically declining confidence in the Israeli economy"...