Israeli Manufacturers Discuss Country’s Industrial Future

Israel has 5,000 factories in operation employing some 100, 000 workers, it was reported here today at the annual meeting of the Israel Manufacturers Association by Arieh Shenkar, president of the association. The industrialists, who centered their meeting on discussions about Israel’s industrial future, were told by Mr. Shenkar that industry in this country is being cramped by a lack of credit facilities and that industry will develop if it can attract sufficient investment capital.

Dr. Peretz Bernstein, Minister of Trade and Industry, addressing the meeting, expressed satisfaction with the country’s industrial position, especially with the position of its textile industry. However, he called upon the industry to reconsider its prices and quality in relation to a glutted world market.

Finance Minister Levi Eshkol, told the manufacturers that the government development budget called for 35,000,000 pounds to be spent on industrial development, with a large piece of this devoted to increasing the production of electric power. He noted that the country had virtually tripled its electrical output since 1948. Mr. Eshkol also stressed the importance of exports in Israel’s economic life, and urged the industrialists to improve the quality of their products and to cut prices.

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