For years Israel business has been the benefactor of a highly skilled labour pool, large amounts of research and development spending, plus a strong venture capital industry. Such an environment has led to the rapid development of the nation’s high-tech and service sectors. A world leader in software, telecommunications and semiconductor development, other major industrial sectors include metal products, electronic and biomedical equipment, processed foods, chemicals, cut diamonds, military and transport equipment. While dependent on imports of petroleum and coal, Israel’s total reliance on foreign energy is changing with recent discoveries of large natural gas reserves off its coast, as well as the development of alternative energies including solar and geothermal.