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US investors warn Israel judicial overhaul will prevent future investments

March 13, 2023 at 1:59 pm

US dollars [Yousuf Khan – Anadolu Agency]

More than 250 US-based financial investors warned Prime Minister, Benjamin Netanyahu, that Israel’s judicial overhaul could prevent further investments into the country.

In an open letter addressed to the Prime Minister, published yesterday, the 255 investors expressed “deepest dismay” regarding the planned legislation, which they described as a “judicial coup”.

“Many leaders in the business community will feel compelled to re-evaluate their reliance on Israel as a strategic destination for investment, sourcing talent, building engineering centres and maintaining the intellectual property,” the letter stated, according to Channel 12 news.

“It will also become increasingly difficult to advocate for, and defend Israel internationally.”

Signatories of the letter included former US Treasury Under-Secretary, Jeffrey Goldstein, Tom Glocer, a former Thomson Reuters CEO and several other senior former US government officials.

“Please do not allow your legacy to be the erosion of the country’s identity as the strongest and only democracy in the Middle East, the destruction of the country’s great economic success and the creation of a colossal divide within Israel and in the business world,” they added.

Meanwhile, Netanyahu, who is on trial for corruption, insists that his judicial plan would enhance democracy. Moreover, the reforms could enable him to evade conviction or see his case dismissed.

The letter comes as Netanyahu yesterday pledged to go ahead with his planned judicial overhaul, accusing the opposition of working to oust his government, Safa news agency reported.

During the weekly cabinet meeting, Netanyahu said: “The process of judicial overhaul is going on because the government has got a mandate from the people to rule and enact laws.”

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