Israeli exports are expected to reach a record of at least $120 billion in 2021, according to Israel’s Economic Ministry.

The hi-tech sector is the most significant factor in export growth in recent years, the Ministry announced on Monday. Software and computer services, which make up the largest portion of hi-tech exports, have increased by more than 20 percent so far this year.

Prime Minister Naftali Bennett, who made his fortune from the hi-tech industry, said in a speech in the Knesset earlier this month that he wanted to raise the labor force in the hi-tech sector from 10 to 15 percent by 2026.