NEW YORK (Aug. 29)
A joint Israel-American corporation to utilize American marketing skills and merchandising methods to coordinate the flow of products from Israel in a variety of products has been set up in the two countries, the Government of Israel Investment Authority announced today.
The Amrael Development Corporation will have its management and sales operations in New York. A counterpart organization for procurement, quality control and product development, has been set up in Israel.
Authority officials said this is the first time a “back-up” organization has been set up in Israel to in sure continued insistence on a high and uniform quality of merchandise, positive delivery dates, proper pricing, reliability of sources of supply, continuity of export efforts and continuation of product research and development.
A background factor cited by Authority officials was the fact that while the United States has been the prime source of investment capital for Israel’s economy, exports to the United States have been limited. In 1962, a total of $42, 000, 000 in goods were exported to the U. S. while imports from the United States topped $200, 000, 000 in that year.
The Israel Government has committed a loan of $100, 000 to the new corporation and provided substantial initial grants for advertising and promotion. The corporation is seeking to raise an additional $240,000 in investment capital in this country.