Israel Govt. Announces Determination to Increase Its Revenue; Seeks Foreign Capital

The Israel Government today announced its determination to increase its revenue this year. The announcement was made by Finance Minister Eliezer Kaplan who revealed that in the last fiscal year the actual government revenue exceeded estimates by more than $2,000,000.

The Minister emphasized that a considerable amount of capital must be imported for the absorption of mass immigration in the country. “If we fail in this, we shall be confronted with grave repercussions,” he declared. He added that foreign investments depend upon the following three factors: 1. Increased production; 2. Lower prices; 3. Curtailment of foreign currency needs.

The Ministry of Trade and Industry revealed today that with the adoption by the Parliament of legislation to encourage capital investments, public investment has reached new heights both in Israel and abroad. “Every day, the newly established investment center receives inquiries and suggestions concerning new economic enterprises,” the Ministry reported. “Thousands of requests have come in from all parts of the world for the text of the new law, which has been printed in five languages.”

The Israel Manufacturers Association today announced it will send a delegation to the United States to study American methods of production and administration. The 18-member delegation will represent manufacturers engaged in the steel, textile, shoe, lumber and plastics industries.

The announcement added that the delegation will visit American industrial centers and will confer with U.S. manufacturing experts and industrial scientists. Several members of the delegation will leave in a few days while the remainder are scheduled to depart next month.

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