IPC Review: New Ports Inject 200 Million Shekels into Economy Annually

"Since October 7, Israel has been grappling with a complex security reality. On days when thousands of missiles were fired at Israel from the south and north, Israel's ports continued to operate resolutely and professionally, maintaining the main lifeline of the Israeli economy. The ability to ensure functional continuity under fire is an achievement worthy of appreciation," said Moshe Ben Zaken, CEO of the Ministry of Transport and Road Safety, during a management meeting of the Israel Ports Company (IPC).

During the meeting, which took place at the company's offices in Tel Aviv, the IPC management presented a comprehensive review of the company's activities and achievements over the past year, with an emphasis on the contribution of the ports to the Israeli economy even during the ongoing 'Iron Sabotage' war, which has lasted over 600 days.

The review presented data demonstrating the significant contribution of port activity to the national economy: each year, about 60 million tons of vital cargo are shipped through Israel's ports, constituting a central economic artery for the Israeli economy. Since the opening of the new ports, the waiting time for ships entering the ports has been significantly reduced, a move that contributes to reducing logistics costs and increasing competition. The contribution of the opening of the new ports to the Israeli economy is estimated at about 200 million Shekels per year.

During the meeting, the contribution of the port reform to the continuation of vital competition for the economy was emphasized. As part of the projects the company is promoting these days, significant projects were presented to the CEO of the Ministry of Transport, including the establishment of a new infrastructure tunnel at the Bay Port, the establishment of a new oil terminal at Haifa Port, alongside the closure of the old oil port, the establishment of fuel bridges and a GPFM, as well as future projects that will contribute to the power of the ports and the resilience of the economy.

Moshe Ben Zaken, CEO of the Ministry of Transport: "The policy led by Minister Miri Regev to maintain functional continuity in all areas of transport - in the air, on land and at sea - is being implemented in practice in Israel's ports. The professional action of the company and the ability to maintain the routine of shipping and importing even during a long security campaign is worthy of appreciation. Cooperation with the Israel Ports Company is a central pillar in the transport and economic resilience of the country."

Hazi Halawiya, Chairman of the Israel Ports Company, who took office about a week ago, said at the meeting: "Maintaining the functional continuity of Israel's ports is not just a logistical mission - it is a national mission. I am proud of the company's team and the determined workers to continue to serve the Israeli economy even on difficult days, and I thank the CEO of the Ministry of Transport for the important cooperation."

Pinchas Tzruya, CEO of the Israel Ports Company, who also took office in early May, added: "Thanks to our professional and responsible teams, we have managed to maintain the continuous operation of the ports throughout the war to ensure that there are no shortages in Israel. We have many more challenges ahead, and I thank the CEO of the Ministry of Transport for the important support."