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International Business Brief Essay

2094 words - 8 pages

MemorandumTo: BossFrom: Tyler ArnottDate: October 12, 2012Subject: Cultural Brief MemoEconomic BackgroundIsrael represents an extremely interesting and quickly emerging opportunity for our business. Despite the economic recessions which have hit many countries throughout the world, including our own, Israel has largely been able to avoid many of the devastating effects caused by the recession due to the conservative nature of their country. According to Raveh and Ravid, "the current crisis has shown that business in Israel is safe and firm - The Shekel has been holding up quite well and no local bank has fallen" (Raveh). Additionally, Raveh and Ravid assert, "Israel has a very conservative mortgage policy, which leads many Israeli's to complain on the one hand, yet on the other hand - this policy definitely saved business in Israel and the Israeli market from being exposed to the subprime crisis" (Raveh). Finally, according to the CIA World FactBook, "The global financial crisis of 2008-09 spurred a brief recession in Israel, but the country entered the crisis with solid fundamentals - following years of prudent fiscal policy and a resilient banking sector. The economy has recovered better than most advanced, comparably sized economies" (Israel). Conflating these statements leads me to believe that Israel represents an excellent opportunity for our business. The Israeli banking and mortgage policies may lead to some frustration amongst the Israeli people, but they are very appealing policies to business leaders because create a very stable environment with much less risk than many of the countries that were hit harder by the global recession. Israel has shown it is capable of withstanding some of the most difficult economic times in history and thus could become a vital part of our business.Religious CultureUnderstanding the Israeli culture, and being able to adapt to it, is the most important aspect of doing business in Israel. Israel has a very distinct, religious-based culture and is deeply entrenched in the traditions and history of these religious beliefs, dating back to ancient, "Old Testament," time periods. According to Eleanor Stanford, writer for everyculture.com, "The modern country of Israel includes two distinct nationalities, the Palestinian and the Jewish. Each nationality is inextricable from its religious identity. The Palestinians are Arabs whose traditions were originated in Muslim culture; the Jews define their culture in large part around their religion as well" (Stanford). Accepting the extreme, and oftentimes life-threatening, differences between these two religious groups and understanding how to deal with each, will be vital to successfully conducting business in Israel.Although both the Jews and Palestinians play a significant role is Israeli society, the Jewish population is much more prevalent. As stated by the Israeli Central Bureau of Statistics, at the end of 2011 there were approximately 5.907 million Jews in the...

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