Warren Buffett to Israel: ‘You are a nation of entrepreneurs with amazing abilities’

(JNS.org) Dubbed the “start-up nation” for its culture of innovation in a book by Dan Senor and Saul Singer, Israel received praise last week from world-famous billionaire investor Warren Buffett, who on May 1 completed his acquisition of Israel’s Iscar tool-making company.

Warren Buffett. Credit: Mark Hirschey.

“Israel should continue to do what it’s doing,” Buffett said in an interview with Israel Hayom. “You are a nation of entrepreneurs with amazing abilities. Israel must continue to provide them with the best and most comfortable work climate. That is the government's responsibility: to create a comfortable climate for entrepreneurs.”

Buffett, who acquired 80 percent of Iscar in 2006, acquired final 20 percent from the Wertheimer family for $2.05 billion on Wednesday.

“Israel is a great place to invest because of its people,” Buffett told Israel Hayom. “There is no other place in the world where you find people with these qualities, as well as with the motivation and the ability to focus that you see at Iscar.”

Iscar will remain in Israel following Buffett’s acquisition, said Eitan Wertheimer, chairman of the International Metalworking Companies (IMC) group, with whom Iscar is affiliated. IMC is part of Berkshire Hathaway, Buffett’s holding company.

Posted on May 2, 2013 .