Jerusalem is famous the world over as a religious, historical and cultural center; consequently, it is a city with vast tourist potential. Jerusalem is also a center of learning and government, and this creates a high level of commercial activity and many business opportunities. These three sectors together employ more than 50,000 people. In the past few years Jerusalem has become home to a thriving and growing science-oriented sector that is adding high-paying jobs to a city whose economy was based almost entirely on low-paying jobs.
To the outside world, Jerusalem may not be perceived as a business center, but in fact it is an important one. Tourism, learning administration and science-oriented industries create business opportunities and circles of economic activity.
As business opportunities in Jerusalem abound, the city an important destination for the business traveler.
Jerusalem has great business potential, and government and municipal authorities are promoting the capital as a center for science based industries. This policy may solve two serious problems – one is demographic and the other is economic.
Over the past years, there has been a significant population drain in Jerusalem. Young people are not keen to remain in the capital because most of the job opportunities are not exciting enough, and the salaries tend to be low. Salaries in science oriented companies are much higher than the average. Employment in hi-tech, biotechnology or medical devices can be very appealing for university graduates. So if this type of industry is promoted in Jerusalem, it may stem the young brain drain and, in addition, attract educated young professionals from other areas.
Another reason the central and local governments are promoting the hi-tech industry is that salaries in government and tourism tend to be low; consequently, Jerusalem is a poor city. One of the ways to improve its economic profile is by increasing the number of well-paying jobs…Read More>>