Israeli Finance Minister Bezalel Smotrich has extended an invitation to the international wholesaler Costco to open stores in Israel.
The hope is that the beloved chain will increase market competition in Israel to lower the cost of living, which continues to climb post COVID-19.
Smotrich’s strategy is to expand the possibility for large, global competitors to enter the Israeli market, which would ultimately reduce prices for end customers.
Smotrich’s invitation to Costco follows the arrival of other popular chains to Israel, including 7-Eleven, SPAR, a Dutch-based retail chain, and Carrefour, the supersized French food market.
In addition, new import reforms are enabling foreign manufacturers to enter the Israeli market, attracting sellers of food items, cosmetics and appliances, all in an effort to entice new business.
The import reform places the responsibility of product safety upon importers and sellers.
The All Israel News Staff is a team of journalists in Israel.