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Business and Economy of Palestine

by Vishal Kumar

Palestine has an average economical infrastructure. In the past few years there has been substantial growth in the industry of Palestine which has helped in the development of Economy and Business of Palestine.

The main sector that contributes to the output of the economy of Palestine is the agricultural sector. There are also some small scale industries that contribute to the business in Palestine. The Palestine economic standard is higher in the area of West Bank.

The economy in Palestine has relied for many years upon using Israeli channels. Another vital market for Palestine market is Jordan. A major part of the export of Palestine is received by Jordan and Israel.

The Palestine Trade Center or the PALTRADE has the aim to develop the trade of Palestine so that it can result in the stable monetary growth of the nation. PALTRADE promotes a spirited business setting and is devoted to improve trade dealings through trade endorsement and competence construction. Palestinian Currency
The official currency of Palestine is Jordanian dinar, Egyptian Pound, Israeli shekel (JOD, EGP, ILS).

Agriculture in Palestine

A leading sector of the Palestine economy is Agriculture. Agriculture symbolizes a major constituent of the GDP of the economy. The agricultural sector in Palestine gives the possibility of employment to a large number of people of Palestine.

Agriculture in Palestine is the chief earner of the overseas exchange and provides the essential needs of the most of the local population. Agriculture at Palestine is separated into rain-fed and irrigated cultivation.

The Palestinian agricultural zone shares the joint distinctiveness of both concentrated irrigated farming as well as the widespread rain-fed farming which is prevailing in the highlands of the West Bank. The rain-fed farming forms the primary cultivated area of the total cultivated Palestinian land.

The cultivation of fruit trees is the key segment of production of plant in Palestine. The main fruit trees of Palestine are grapevines, olive trees, citrus, figs, almonds. In the West Bank of Palestine the grapevines form the second among the major fruit crops. In Palestine more than 30 different vegetable crops have been planted.

The type of agriculture that takes place in Palestine is yearly and cyclic agricultures such as grains and vegetables. In the Gaza Plain, Marj ben Amer and some of the inner plains grain plantation was grown.

Banks in Palestine

Palestine Banks offer all the modern facilities of banking and investment to its customers. The leading Banks in Palestine of also offer services like ATM, SMS banking, Internet banking and phone banking.

Some other facilities provided by the Palestine Banks include the following facilities:

  • Best quality of banking facilities as well as financial services
  • Contributing for the development of the banking community
  • Secure e-mail services for sending any kind of instructions to the bank
  • Working towards the uninterrupted betterment of the professional and the administrative capabilities of the bank.
  • Free delivery of the ordered check books.
  • Managing various kinds of card services on-line
  • Instant transaction of the accounts
  • Easy change of address and other updates of the details

There are a total of eight Jordanian Banks which are listed among the Palestine Banks. Major Banks in Palestine include the following:

  • Bank of Palestine
  • The Jordan-Kuwait Bank
  • The Cairo-Amman Bank
  • The Arab Bank, Palestine
  • The Jordan-National Bank
  • The Jordan commercial Bank
  • The Union Bank for Savings and Investments
  • The Bank of Jordan, Palestine
  • The Housing Bank for Trade and Finance

Insurance Companies in Palestine

The Palestinian Insurance companies cover various aspects of the lives of the inhabitants of the country. Insurance Palestine includes paying the regular premiums at regular intervals. The five topmost companies offering health Insurance in Palestine include the Aetna Inc., CIGNA Corporation, Blue Cross and Blue Shield Association, WellPoint, Inc. and UnitedHealth Group Incorporated.

Stock Exchange of Palestine

Palestine Stock Exchange is better known as the Palestine Securities Exchange and is located in Nablus. The Palestine Stock Exchange was established in the year 1995 as a private company in the sector of shareholding. The major investors include the SAMED and the PADICO or the Palestine Development and Investment Company. There is a total listing of thirty six companies at the Palestine Stock Exchange. Presently the list of the shareholding companies at the Palestine Stock Exchange include a wide range of sections like the utilities, pharmaceuticals, telecommunications as well as the financial services. More forty companies are planning to be a part of the Palestine Stock Exchange, which will have a market capitalization of more than $1 billion USD. Most of the listed companies at the PSE however deal in the Jordanian Dinar.

Healthcare in Palestine

Healthcare in Palestine has developed manifolds in the past few years as the Ministry of Health has pulled up its socks for the total health care systems of the country.

Initiatives have been taken to improve the public health laboratory, drinking water, and vector control and food control activity of the country. Water samples from different regions have been collected for conducting chemical and microbiological tests. The same has been done with food samples collected from different food joints. Both these measures are an important part of health services in Palestine and the result has been very positive. The rate of food poisoning has decreased remarkably in the recent years.

Equal emphasis has also been given to the mental health conditions of the Palestinian people. Curative, preventive and community based rehabilitation programs have been set up by the Community Mental Health department of the country. The Ministry of Health has taken initiatives along with the help of WHO to induce better health service policies in Palestine.

Child Health in Palestine is also an important issue and steps have been taken to make the parents aware of the need of vaccination to children. Many dangerous diseases affecting the children in the past cases have been totally eradicated from the country.

The development of Palestinian Health is one of the main aims of government.

Hospitals in Palestine

There are more than 77 hospitals in Palestine equipped with nearly 4,824 beds. Nearly ninety percent of the hospitals are fully equipped and cater to the needs of the patients. Every hospital of Palestine has nearly 62 beds. Palestine has seventeen general hospitals, two psychiatric hospitals, two pediatric hospitals and one ophthalmic hospital.

All the Palestinian hospitals are looked after the Ministry of Health in Palestine. Maternal departments are there in most of the beds and the rehabilitation beds are looked after by the NGOs.

Facilities provided in the Hospitals of Palestine

  • General Surgery and Surgical Wards General surgeries are carried by experienced doctors.
  • Pediatric Medicine:
    The pediatric department takes care of the children under the age of twelve.
  • Maternal Beds:
    Pregnancy and non pregnancy related cases are looked after efficiently.
  • Special care beds
    The special care beds are for people who are in a critical state and special care is given by specialized nursing and medical staff. The cesarean section is equipped with all the necessary equipments.
  • Mental Hospital Beds
    Mental Health services are provided to the different mentally challenged patients.
  • Hospital diagnosis center
    The diagnosis center offers medical imaging services in its departments and sections. X rays, radiology tests, mammography, ultrasound examinations and MRI facilities are provided by the hospitals.