Ministry of Economy and ThyssenKrupp reached an agreement about past debts

The Industrial Cooperation Authority in the Ministry of Economy and Industry in Israel and ThyssenKrupp have reached an agreement between them on the realization of past debts. The PA has approved a more than € 300 million realization plan for the German company, under which past debts for ThyssenKrupp's reciprocal purchases will be closed and the threat to include the company "on the black list" will be removed.
As part of the comprehensive implementation plan that was agreed upon, extensive investments in projects were included, knowledge transfer and reciprocal procurement from which many suppliers, businesses and industries in the country will benefit. Minister of Economy and Industry Orna Barbibai said: "This is a comprehensive implementation plan, which expresses and preserves the principles of reciprocal procurement and the benefits inherent in it for local industry, including training manpower, and introducing knowledge and opening doors to local industry to new markets."
In 2017, ThyssenKrupp held a hearing in the PA due to non-compliance with reciprocal procurement obligations in the submarine and cruise ship deals. The debts and at the end of the lengthy negotiations the plan was approved, which is spread over five years.
The program is part of a change in the policy of ThyssenKrupp, which following the PA's enforcement measures also established a branch in Israel, made investments and promoted joint ventures based on innovation.
The director general of the Ministry of Economy and Industry, David Lefler, said: "I welcome the approval of the important plan between the parties, ThyssenKrupp and the PA staff who have held an infinite number of meetings over a long period and reached an excellent result for industry and the Israeli economy."
Ido Ofir, CEO of ThyssenKrupp Israel, commented: "I welcome the signing of the agreement, which embodies a large partnership of ThyssenKrupp with Israeli industry, through a program that integrates Israeli industries in ThyssenKrupp security projects around the world, and no less important, a knowledge transfer program to Israel in the field. Naval warfare, which will be a strategic advantage and economic savings in the future as well. "