According to a report by the Economic Times, if the Israel-Hamas conflict intensifies further, global technology companies based in Israel might consider relocating their operations to India or other regions like the Middle East or Eastern Europe.
The move, as suggested by industry experts cited in the report, would be towards areas with similar time zones and talent capabilities.
Israel is currently home to over 500 global companies, including major players like Microsoft, Intel, and Google. Indian firms such as Wipro and TCS also have a business presence in the country, employing a workforce of over 100,000 individuals.
The ongoing conflict has put the high-tech industries, Israel's fastest-growing sector, at risk of significant disruptions. The situation escalated as the Israeli military adopted a war footing, potentially leading to a full-scale invasion of the Gaza Strip, as reported by Reuters, citing investors and analysts.
Intel, Israel's largest private employer and exporter, is closely monitoring the situation. A spokesperson for the chipmaker stated that they are taking necessary measures to safeguard and support their workers.
Notably, Intel's shares dropped by 0.5 percent, just two days after Hamas militants' surprise attack resulted in the killing of hundreds of Israelis and the abduction of an unknown number of others.
The Israel-Hamas conflict, now in its sixth day, shows no signs of abating and is expected to escalate further. Reports indicate that over 2,300 people from both sides have lost their lives, with thousands more being displaced.
In a late-night televised address, Israeli Prime Minister Benjamin Netanyahu pledged to swiftly eliminate Hamas. He described gruesome incidents, including the targeting of civilians, highlighting the urgency of the situation.
