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Tel Aviv Global City

Tel Aviv Global City. Work Plan 2011 Tel Aviv-Yafo Municipality. Contents. 3. 1. 2. Why Tel Aviv?. How to do it?. What are Global Cities?. What are Global Cities?. Cities of global importance, in which there is financial, cultural and social activities with global outreach and impact.

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Tel Aviv Global City

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  1. Tel Aviv Global City Work Plan 2011 Tel Aviv-Yafo Municipality

  2. Contents 3 1 2 Why Tel Aviv? How to do it? What are Global Cities?

  3. What are Global Cities? Cities of global importance, in which there is financial, cultural and social activities with global outreach and impact

  4. Examples of Global Cities* 1. Alpha ++ Cities = New York , London 2. Alpha Cities = Very important world cities that link major economic regions into the world economy. Ex: Paris, Hong Kong 3. Beta Cities = Important world cities that are instrumental in linking their region into the world economy. Ex: Barcelona, San Francisco, Tel Aviv * 2008 Index by Globalization and World Cities Research Network

  5. Vision: To Emerge as a Global City in 5 Years

  6. What is the benefit for Tel Aviv? Global Cities witness growth in many fields: - International Investment - Culture - International Students - Global Values – service, foreign language proficiency - Income from Visitors

  7. Everyone Enjoys the Success Global Cities contribute to national growth A National Asset – boosts the economy, culture, tourism and branding efforts A Peripheral Asset – a major component in regional development A Metropolitan Asset – Greater Tel Aviv

  8. Tel Aviv’s Opportunity In the 21st Century, cities lead global competition Tel Aviv is ready to make its global leap: It’s the nation’s financial and cultural center- It’s an internationally recognized brand- - The municipality is perceived as an effective public agency

  9. How to do it? To emerge as a global city, Tel Aviv must take a double leap: CulturalFinancial

  10. The Barcelona Model Following the 1992 Olympic Games, Barcelona made an international leap A financial leap – to become a European center for creative and innovative industries A cultural leap – by investing in the city’s local unique assets: architecture, art, nightlife, the beach, street life.

  11. How will we implement in Tel Aviv?

  12. Two Pronged Plan International Cultural Center • Art and Culture • Students International Financial Center

  13. International Financial Center

  14. Contents • Background: What is an International Financial Center • Chapter A: How is such a center created • Chapter B: Initial steps

  15. Background It is accepted that cities lead their countries in global competition and specifically as financial centers The Tel Aviv Global City Administration is the municipal authority responsible for leading the process of positioning Tel Aviv-Yafo as a global city In this framework the administration has defined its modus operandi along two veins: Economy and Culture In the economic vein, the primary objective is leveraging Tel Aviv’s status as the foremost financial center in Israel to an international position

  16. What is an International Financial Center? Background A center of financial services that can provide services to parties unrelated to the country in which it is situated by virtue of its competitive advantage What are it’s advantages? The Financial Sector has a large growth potential: • Creation of employment for high income professionals • Feeding local businesses • Encouraging urban development – creating income for the municipality and the city

  17. Typology of Financial Centers Background • Tel Aviv’s potential: Combination of niche expertise and regional center (Eastern Europe, Central Asia, Africa) Global: Provide all services to most markets (London, New York, Hong Kong, Tokyo) International: Most services, with strong regional emphasis (Geneva, Frankfurt, Dublin, Chicago, Shanghai, Dubai) Niche: Focused on one or two sectors Financial asset management (Zurich), banking and insurance (Shenzhen)

  18. Map of the Financial Centers in the Eastern Hemisphere Background The vacant geographic area

  19. Success Stories Background • Geneva (ranked 9 in the GFC) Niche center: financial asset management • Vancouver (21) Niche-Regional center, emphasis on south-east asia • Kuala Lumpur (48) Niche center: Islamic finance • Johannesburg (54) Niche-Regional center: insurance

  20. Why Tel Aviv-Yafo should lead Background Successful precedents in the rest of the world are cities Independent branding (bypassing the conflict) Ability to lead the metropolis and the periphery The municipality is considered neutral by governmental authorities Stability of the municipal authority

  21. Tel Aviv’s Advantages Background • Geographical and time zone proximity to Europe and central Asia • Existing human resources and potential for expansion • Ideological attraction for Jewish business • Standard financial terminology bypasses language barriers • Sunday is a full work and trade day • Resilience during security and economic crisis • Attractive multi-cultural lifestyle • Prolific proficiency in English and a wide range of other languages

  22. Barriers and Weaknesses Background The geopolitical-security situation in Israel Image - Tel Aviv is currently not perceived as a financial center Insufficient infrastructure

  23. Chapter A: How is such a center created?

  24. Tel Aviv Financial Center Master Plan

  25. Master Plan – Tel Aviv Financial CenterGuiding Principles • Development of competitive advantages based on existing strengths • Partnership and cooperation with governmental organizations and the public (professional committees) • Inclusion of the metropolis and periphery in the fruits of success • Definition of key success indices and indicators Partnerships Tel Aviv Municipality, Ministry of Finance, Bank of Israel, Israel Securities Authority, Tel Aviv Stock Exchange

  26. Master Plan – Tel Aviv Financial CenterObjectives Identification of Sub-Sectors in which Tel Aviv has a Competitive Advantage Developing the required Human resources Developing the required Infrastructure Legislative and Regulatory Reforms International Marketing and Branding of Tel Aviv

  27. Master Plan – Tel Aviv Financial CenterDefinition of Partnerships A partners database was established composed of 6 main groups: • Municipality, academia, government, economic institutions, businesses and market leaders Partnership includes: • Consultation in the consolidation of a master plan • Convening forums and committees • Identifying budgetary sources • Identifying international bodies for future cooperation

  28. Master Plan – Tel Aviv Financial CenterSuccess Indices and Indicators Appearance and rank in the Global Financial Center Index (GFCI) commencing 2011 Increase in the number of employed in the financial sector Increase in the export of financial services Increase in the number of multinationals in the city

  29. Chapter B: Initial steps

  30. Initial StepsVIP Exposure to Financial Tel Aviv Partnerships: Mayor’s Office, International Relations Department, Ministry of Foreign Affairs. Ministry of Finance, Ministry of Industry, Trade and Labor, Bank of Israel Exposure of Tel Aviv’s business activities and economic potential to visiting officials and business VIP’s

  31. Initial StepsOne-Stop Tel Aviv Business Portal Partnerships: Municipal Finance Department, Business Licensing Department, City Planning Department, International Relations Department, Ministry of Industry, Trade and Labor, Tax Authority, Other governmental ministries, professional unions Identifying the needs of international entrepreneurs, investors and businesses Providing the relevant information and contact persons

  32. Initial StepsEncouragement of Entrepreneurship Leveraging the existing entrepreneurial ecosystem in Tel Aviv in order to attract foreign entrepreneurial talent, startups and investments • Support of existing activities • Examination of the needs and barriers

  33. Initial StepsInternational Economic Conferences Presentation of Tel Aviv in international conferences taking place in the city Initiation of a Tel Aviv international business conference Promotion of Tel Aviv as a host of international conferences Partnerships: The Israel Trade Fairs Center, Ministry of Tourism, International Relations Department, production companies

  34. Initial StepsInternational Financial Image Invitation of senior economic journalists to cover the financial activities in the city and its potential Partnerships Public relations consultant for foreign media, Ministry of Foreign Affairs, Government Media Bureau

  35. Initial StepsLaunch • In the coming months the city of Tel Aviv will officially launch the initiative

  36. Thank you!

  37. Background As the process of globalization continues so international competition become more acute The future of Israel’s economy depends upon its ability to stay competitively ahead Cities have become the dominant players and competitive contenders on the global landscape

  38. The Challenges The success of the hi-tech industry has intensified Israel’s dependency on it Though an economic engine, it must have cars to pull and these are the additional sectors that must be identified There is a growing “brain drain” trend sweeping through Israeli highly qualified work force and academia to leading financial centers The way to increase immigration and return Israelis is through creating similar attractive local opportunities Continued exiting of traditional industries from Israel are expected due to increasing sensitivity to environmental issues and low wages

  39. Possible Solutions Targeted specific treatment: “Artificial respiration” include governmental incentives for maintaining competitive advantages Benefits and tax breaks for incentivizing highly skilled human capital to remain in Israel Importation of foreign labor to lower industrial costs Increasing immigration benefits

  40. Holistic Solution Development of an International Financial Center in Israel

  41. Thank you!

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