Palestinian Authority's Business World
The Palestinian Authority's economy, being market based, has a lot of potential for investment. The economy faces some readily apparent challenges, but since the dawn of the millennium, it has had some advantages as well, such as a well-educated and growing work force and an entrepreneurial private sector. The Palestinian business world is full of local businesses that aim for quality and professionalism; and larger enterprises often have connections to other Gulf countries and beyond. Here, you will learn some of the basics about doing business in the Palestinian Authority.
The Palestinian economy's greatest asset is its human capital. The population there is largely young, so the labor force is set to grow quite a bit over the next few years. The Palestinian labor force is tech-savvy, multilingual, and ready to do business on a worldwide scale. The economy's diversification and the improvement of its investment climate are attracting business from around the world.
In addition to its potential for growth, the Palestinian Authority's business world already has many sectors that are wide open for investment. Its services sector (including transportation, IT, and tourism) is expanding rapidly, and the mining, construction and manufacturing sectors are also thriving. Palestine is at the crossroads of Asia, Africa and Europe, making it an excellent trade location. Products made in Palestine are shipped to countries of the European Union, as well as the US, Canada, Turkey, Russia and Arab countries.
In December 2007, the international investment community pledged almost $8 billion to back the Palestinian Authority's Reform and Development Plan. The plan's mission is to facilitate, prioritize and harmonize policies and the allocation of resources. The support of the international community will help improve the Palestinian Authority's business world by encouraging foreign investment. In 2009, the Ministry of Planning, the European Commission, the World Bank and UN agencies came up with a reconstruction and recovery plan for Gaza.
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