Business and Investment
Thank you visiting our new section on Business and investment in Palestine. In addition to help you plan your business trip to Palestine (logistically speaking), this section also provide an overview of Palestine’s Business and investment environment. We would like to thank both the Palestine Investment Promotion Agency (PIPA) and the Palestine Trade Center (PalTrade) for providing lots of the content and indicators included in this section.
In brief, the business scene in Palestine is quite vibrant and as an economy Palestine is open to investors. With its strategic location and need for widespread infrastructure development, Palestine is an untapped emerging market with enormous investment potential. The Palestinian economy is a market-based economy with the private sector playing the leading role. The private sector is the key economic force, representing an estimated 90% of GDP, but future growth requires a shift from exporting labor to exporting higher profit-margin items such as merchandise, goods and services, and increasing market diversification. The PA continues to make efforts to remove constraints facing domestic production and improve the conditions for private sector development.
The Palestinian economic strategy being developed is export-oriented and outward looking. The Palestinian economy has already begun the process of integrating with regional and international economies through a network of free trade agreements and trade associations.
The Palestine Investment Conference (PIC 2010) Bethlehem: In 2010, PIPA together with a wide range of partners and stakeholders held the Palestine Investment Conference which took place in Bethlehem Palestine. The event brought together local, regional and international business executives and politicians. For more information and to access the investor guide, country profile and other useful document, please visit the Palestine Investment Promotion Agency www.pipa.gov.ps and www.pic-palestine.ps.
Again, special thanks to our supporter and Sponsors.
The law provides investors with guarantees, procedures and incentives for rewarding investments in Palestine within a climate that is free from bureaucracy, routines and complications. PIPA is the concrete interpretation of the vision of the PNA and implements policies for the promotion of the private sector and an environment conducive to investment.
The agency works on building a better future for all Palestinians by providing advanced services to local and foreign investors; by easing communication between the private and public sectors; and by creating a one–stop-shop for investor services. It also provides rewarding incentives for investment and ensures a competitive investment environment in Palestine.
The Partnership between the public and private sectors in the management of PIPA:
The agency’s board is made up of thirteen members, five from the private sector and eight from the public sector. The Minister of National Economy chairs the board, and the vice-chair is the representative of the Ministry of Finance.
Having members from both the private and public sectors represented in the board is important to ensure the necessary cooperation to monitor and implement necessary amendments to the laws and procedures that could impede investment in Palestine. The board also puts in place and recommends the necessary policies to create a conducive climate for investment, and contributes to the implementation of the necessary policies and procedures to achieve a competitive position for Palestine within the global market. The public sector members of the board effectively communicate internal changes made within their respective ministries including the ministries of Tourism, Industry, Housing, Planning, Agriculture, and the Monetary Authority.
The solid cooperation between the public and private sectors, in the board enables the Agency to pursue a unified promotional strategy that benefits all the economic productive sectors.
PalTrade’s Mission is to Develop Trade Through:
- Advocating a competitive, business enabling environment.
- Improving trade competitiveness through trade promotion and capacity building.
- Fostering international business practices and standards among professionals, firms and business organizations.
- Providing trade-enabling knowledge. PalTrade promotes the following major principles:
- Trade Promotion: through assessing and improving capacities of sectors and Palestinian businesses operating in the global markets and increasing the market share in the local Palestinian market.
- Trade Policies: for managing programs to build and develop a legal economic environment and lobbying and establishing a national economic dialogue program.
- Trade Information: essential for providing Palestinian businesses with market research and information necessary for export markets.
Bank of Palestine celebrated this year’s golden jubilee on the occasion of the passage of fifty years of its foundation under the slogan “Fifty years of Building.”
The Bank was listed in the Palestine Exchange in 2005 as a public shareholding, at the end of 2006, Bank of Palestine, founded the brokerage firm for securities investment “Al-Wasata”, which has three branches, in Gaza City, Ramallah and Khan Younis.
During short period the company became the first company in terms of increasing the number of accounts opened, and the third in terms of trading volume among the ten brokerage firms located in Palestine.