Looking to forge an international reputation in biotechnology, Jerusalem is planning to invest $25 million in the life sciences industry over the next five years.
Jerusalem Mayor Nir Barkat told a biotech conference that the money will be used to back training, infrastructure development and push development of Israel's first biomedical research park at Hebrew University School of Medicine. Global drug developers will be wooed with direct financial incentives.
"I am personally committed to the field of biomed and the health and life sciences business cluster as a core competitive advantage that we must exploit in Jerusalem," said Barkat. "Among other things, I intend to award financial incentives in order to encourage international companies to put down roots in Jerusalem, as well as to define Jerusalem as a Special Economic Zone with tax benefits for high-tech and biotech companies."
- read the report from Globes