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Source: http://www.terra.net.lb/wp/Articles/DesktopArticle.aspx?ArticleID=583304&ChannelId=16
Israeli Innovators Build New "Silicon Valley"
(AFP-TerraNet-Lebanon) With a concentration of start-ups just behind that of Silicon Valley, Israel is becoming the new standard for high-tech. Internet-related activities contributed $12.6 billion to the Israeli economy in 2009, representing 6.5% of GDP, according to a report from management consultancy McKinsey. The web economy has created 120,000 jobs, accounting for 4% of the country's workforce. "Israel is the country with the most engineers in its population, and it ranks second behind the United States in the number of companies listed on NASDAQ," said David Kadouch, product manager at Google Israel, which opened its R&D operation in 2007 and currently has 200 employees. Some 500 start-ups are created every year in the country, whose economy grew by 4.7% last year, compared to an average of 2.8% for other OECD-member countries. The OECD forecast for Israel in 2011 is 5.4%.