Israel Launches $3.3 Million Program to Boost Construction Industry
Tel Aviv [Israel], July 23: The Investment Authority in Israel’s Ministry of Economy and Industry and the Ministry of Construction and Housing are launching a new support track worth approximately 12 million Shekels (USD 3.3 million) to promote and develop the construction industry in Israel, with a focus on modular construction.
Goals of the Program
The main goal of the program is to develop a knowledge-rich Israeli industry in the field of construction, which will improve labor productivity and reduce dependence on on-site work. Implementing innovation in the building industry will help deal with high construction costs, increase productivity, shorten construction timescales, and reduce environmental damage.
Investment Focus
The new route is intended for investment in the establishment of new industrial plants or for investment in existing plants that wish to add production lines specializing in advanced construction methods.
Additional Investment Tracks
This program joins other investment tracks in the Investment Authority, such as a grants track, an advanced production track to increase productivity, and a circular economy track. These tracks aim to promote the construction industry, foster innovation, and optimize construction processes.
Doubts Revealed
Israel -: Israel is a country in the Middle East, located on the eastern shore of the Mediterranean Sea.
Ministry of Economy and Industry -: This is a part of the government in Israel that deals with the country’s economic policies and industrial development.
Ministry of Construction and Housing -: This is another part of the Israeli government that focuses on building homes and other structures, and making sure people have places to live.
Shekels -: Shekels are the currency used in Israel, similar to how we use Rupees in India.
Modular construction -: This is a way of building where parts of a building are made in a factory and then put together at the construction site, like building with big blocks.
Labor productivity -: This means how much work a person can do in a certain amount of time. Higher productivity means getting more work done faster.
On-site work dependency -: This refers to how much work needs to be done directly at the construction site. Reducing this means doing more work in factories and less at the site.
Industrial plants -: These are large factories where things are made, like parts for buildings in this case.
Innovative technologies -: These are new and advanced tools or methods that make work easier or better, like using robots or special machines in construction.
