The Israeli Ministry of Defense signed USD231 million in offset agreements in 2021. (Getty Images)
Israel's Industrial Cooperation Authority (ICA) announced on 10 April that the organisation had facilitated USD926 million in offset agreements in 2021 through 183 new agreements.
The organisation made the announcement on its LinkedIn page, where it further revealed that the Israeli Ministry of Defense was the leading agency for offset agreements, securing USD231 million in obligations from suppliers during the year. The Israeli Government Procurement Administration also secured a commitment of USD200 million through the signing of the Project Nimbus cloud computing project with Google and Amazon Web Services.
Overall, obligations for security projects represented around 60% of the total agreements signed in 2021.
Fulfilled obligations during 2021 reached a value of USD4.3 billion, with the ICA noting that around 1,100 Israeli firms benefited from the industrial co-operation policies. Of these, around 437 were defined as small and medium-sized enterprises (SMEs), which received USD804 million in reciprocal procurement. A total of 85 companies received USD727 million in investments and acquisitions.
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