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The geopolitical risk premium on Israeli assets has historically overcompensated investors—yet the opportunity gap persists. Over the past decade, capital markets reforms with roots in past Milken Institute Global Conferences have driven substantial progress: the Tel Aviv Stock Exchange's demutualization, the shift to global trading hours and English-language reporting, innovative public-private structures with investor risk mitigation, and new indexes—with daily equity trading volumes increasing nearly fivefold as a result. Yet the unfinished agenda is now urgent. Despite record billions in private equity deals in 2025, the technology sector's contribution to GDP has flatlined. Startup formation is declining. The brain drain is accelerating. Institutional investors are reducing exposure to Israeli high-tech. And the structural tools needed to anchor the innovation economy—and to build capital market partnerships with regional neighbors—remain incomplete. How do we construct capital markets, both public and private, designed to match the scale of the innovation economy they serve, and to attract the direct investment and portfolio capital flows that will strengthen Israel sustained growth in job creation, capital formation through regional integration, global connectivity and normalization?
