Economy

Israel is considered one of the most advanced countries in Southwest Asia in economic and industrial development. In 2010, it joined the OECD. The country is ranked 3rd in the region on the World Bank's Ease of Doing Business Index as well as in the World Economic Forum's Global Competitiveness Report. It has the second-largest number of startup companies in the world (after the United States) and the largest number of NASDAQ-listed companies outside North America.
 
Despite limited natural resources, intensive development of the agricultural and industrial sectors over the past decades has made Israel largely self-sufficient in food production, apart from grains and beef. Other major imports to Israel, totaling $47.8 billion in 2006, include fossil fuels, raw materials, and military equipment. Leading exports include fruits, vegetables, pharmaceuticals, software, chemicals, military technology, and diamonds; in 2006, Israeli exports reached $42.86 billion.
 
Israel is a global leader in water conservation and geothermal energy, and its development of cutting-edge technologies in software, communications and the life sciences have evoked comparisons with Silicon Valley. Intel and Microsoft built their first overseas research and development centers in Israel, and other high-tech multi-national corporations, such as IBM, Cisco Systems, and Motorola, have opened facilities in the country.