... Read moreSummaryCompanies Crucial tech sector hit by judicial reform crisisStartup funding falls 70%, emigration increasingTech execs take lead in opposing reformJERUSALEM, July 12 (Reuters) - A leading Israel investor on Wednesday predicted that the country's vital tech sector would recover quickly from its current funding downturn, in part by fighting a government judicial reform plan many blame for scaring away investment.
A key driver of economic growth in Israel, the tech sector saw its funding hit last year by the global economic slowdown.
"The big inventors are the warriors of democracy," Margalit told Reuters on the sidelines of a JVP Climate Tech conference.
While the tech sector needs a stable Israeli economy, the economy needs a strong tech sector, which accounts for 14% of jobs and almost a fifth of gross domestic product.
The fall off in tech funding has been a major factor in the weakening of the shekel , analysts say.
Persons:
Erel Margalit, Benjamin Netanyahu's, Margalit, Barak Eilam, Eynat Guez, Israel's shekel, Steven Scheer, Conor Humphries
Organizations:
Jerusalem Venture Partners, AccorHotels Arena, Tech, Labour Party, Reuters, JVP Climate Tech, NICE, Tel, Thomson
Locations:
Paris, France, JERUSALEM, Israel, Israel's, Tel Aviv