NEW YORK (Oct. 10)
Israel’s Minister of Commerce and Industry, Pinchas Sapir invited American businessmen last night to invest in Israeli enterprises and understand his government’s policy of cooperation with private investors.
Mr. Sapir noted that Israel planned within the next four years to increase its industrial production by 50 percent through an investment of the equivalent of $300,000,000. This would be used to expand existing plant and set up 600 new firms.
The Minister, who is touring the United States in behalf of Israel bond sales, revealed that three-quarters of the total investment would be spent on Israel’s principal manufacturing industries; fertilizers, metals, chemicals and food processing. The remainder would be spread in the following fields: pulp and paper; building materials; glass, woodworking; diamond polishing; ceramics; printing, and leather.
He revealed that the Israel Government offers new investors a 45 percent tax reduction for five years, accelerated depreciation and the right to convert profits into dollars. Also he continued the government is ready to consider extending loans to supplement new equity capital.