Knesset Resumes Debate on Government Bill to Encourage Foreign Capital Investment

The Knesset today resumed debate on the bill introduced yesterday by Finance Minister Eliezer Kaplan to encourage foreign capital investment in Israel. The measure provides that investors may take out of the country annually ten percent of their investment in the currency originally invested and also reduce their taxes to the level of Israel investors.

The Knesset has allowed eight more hours of debate to the issue after which the Israel parliament will turn to problems of foreign policy. Discussion of the Jewish state’s foreign policy is generally expected to begin Monday.

Earlier, Mr. Kaplan introduced the draft of a bill empowering the government to prolong the concession of the Palestine Potash Company in the Dead Sea, leaving Transjordan as a partner but also allowing American and British capital to participate. Opposing views taking issues with the draft measure were expressed by deputies of the Mapam and the Religious Bloc. It is believed the government will introduce a final draft of the measure next Wednesday.

The cultural committee of the Knesset simultaneously named a subcommittee to investigate strong charges made by a spokesman for the Religious Bloc who said “religious and cultural murder” was being perpetrated in the immigrant reception camps.

Shimon Agrarat, who was born in the United States, was approved today by the Knesset as a member of Israel’s Supreme Court.

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