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Israel Decides to Establish Top Body to Act on Foreign Investments

The Ministries of Finance and Commerce and Industry decided here today to establish a Joint Investment Authority to act as the government’s top body for planning and organizing foreign investments in Israel, it was officially announced here today. Dr. Zvi Dinstein, controller of foreign exchange in the Ministry of Finance, was named head of the new Authority.

The existing Investment Center will continue to have responsibility, under the overall Authority, for the implementation of the law aimed at encouragement of foreign investments. The new Authority will inaugurate its activities in the next few weeks, when its first emissaries will visit the United States. Pinhas Sapir, Minister of Trade and Industry, will also visit the United States in March.