Yesterday, the Dutch Minister for Foreign Affairs, Casper Veldkamp, co-signed a document calling for a ceasefire in Gaza. At the same time, recent research has outed the Netherlands as the EU’s largest investor in Israel.
It’s about as contrary as calling for an unnervingly loud barrel organ to stop playing, while simultaneously slipping coins into its cup.
So what’s happening here? Let’s break this all down.
A call for a ceasefire
Minister Veldkamp, along with 24 other foreign ministers signed a joint statement concerning the occupied territories in Palestine. The statement begins with a simple message:
“We, the signatories listed below, come together with a simple, urgent message: the war in Gaza must end now.”
“The suffering of civilians in Gaza has reached new depths,” it continues. “The Israeli government’s aid delivery model is dangerous, fuels instability and deprives Gazans of human dignity.”
It also rejects Israel’s proposal to relocate Palestinians to a “humanitarian city”, calling it “completely unacceptable. A Permanent forced displacement is a violation of international humanitarian law.”
READ MORE | An estimated 150,000 people draw a “Red Line” for Palestine in The Hague once again
However, the letter also made sure to point to the hostages held by Hamas since October 7:
“The hostages cruelly held captive by Hamas since 7 October 2023 continue to suffer terribly. We condemn their continued detention and call for their immediate and unconditional release.”
Signing a statement like this marks a shift in the Netherlands’ approach to taking a stance against Israel. Aside from calling for investigations, so far, politicians have been careful not to indicate a position on the genocide.
However, this call for a ceasefire contradicts where the Netherlands’ cash is flowing…
Largest EU investor in Israel “by far”
A recent investigation by SOMO has revealed that while politicians may be saying one thing, the money says another.
After analysing EU trade and foreign investment into and from Israel, SOMO concluded that the European and Israeli economies are deeply intertwined.
However, it had to point to the Netherlands in particular as it is “by far the largest investor in Israel and is responsible for two-thirds of EU investment in Israel.”
In fact, in 2023, the Netherlands invested no less than €48.9 billion. In comparison, the second largest investment after this amount was €7.7 billion from Luxembourg.
SOMO explains that this data is based on FDI stock. “The total value of the loans and equity investments from companies from a particular country into the Israeli economy in a given year.”
While FDI data for 2024 will not be released until December 2025, SOMO points out that according to UNCTAD’s 2025 World Investment Report, FDI investments into Israel increased in 2024.
Remember, the Netherlands is a tax haven
However, there is one important thing to consider when looking at these stats. SOMO points out that the Netherlands’ position as a tax haven could be distorting these figures.
For example, according to De Nederlandsche Bank, 12% of Dutch investment into Israel comes from “shell companies” — companies that serve no purpose other than as tax havens.
How heavily these figures are distorted, however, is unknown.
Israel also investing in the Netherlands
However, the Netherlands is also benefiting from investments from Israel. In 2023, the country received €47.3 billion from Israel.
In fact, economic relations between the EU and Israel seem to have remained relatively happy in spite of the start of a genocide.
SOMO points out that according to data from the EU Commission, the total trade in goods between the EU and Israel actually increased by €1 billion between 2023 and 2024.
And what does that mean? SOMO lays it out in black and white:
“Since the beginning of the genocide, the EU has actually increased its supply of resources to Israel’s economy, providing the country with essential resources to sustain its economy of genocide and occupation.”
What do you think of these findings? Tell us your thoughts in the comments below.
