Capital investment in Israel has risen from $9,500,000 in the first four months of last year to $32,000,000 so far this year. This sum was invested in United States currency. In addition .23,000,000 Israeli pounds were invested during the same period this year, the same sum invested in Israeli currency in January-April of 1959.
These figures were revealed here today by Minister of Commerce and Industry Pinhas Sapir. He predicted that 500,000,000 Israeli pounds will be invested by private capital from abroad in the next five years, and said that Israel could attain economic independence by 1968 if border tranquility continues and 60,000 immigrants cone to Israel each year for the next eight years.
By 1964, he said, Israel should cover 75 percent of its imports through its earnings from exports. By 1968, or 20 years after its establishment, this country should at the present rate find it possible to cover 100 percent of its imports from foreign-export earnings. “We have unlimited markets for our products in America and Europe,” the Commerce and Trade Minister declared, “provided we can meet the quality requirements.”
Mr. Sapir said he had reached his conclusions after meetings with various groups of Jews and non-Jews in the United States and Europe. He emphasized that he was especially gratified that American Jews were not only contributing funds to Israel but also were investing in Israel. He listed as Israel fields which would benefit from such investment funds petro-chemical and electronics.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
