JERUSALEM (Aug. 23)
Israel will invest 725,000,000 pounds ($241,000,000) in agricultural development during the next five years, with nearly 200,000,000 pounds ($67,000,000) of that amount scheduled for livestock, Agriculture Minister Haim Givati told a press conference yesterday.
He said plans called for an increase in Israel’s farm output during that period of 37 percent for a total value of 838,000,000 pounds ($279,000,000). He predicted an even greater rise in farm exports during the five years from $84,500,000 to $149,000,000.
He warned, however, that profitability in the citrus industry had reached a crisis point because of inflated costs. He said that if there was no new wave of cost increases, citrus would continue to be sold at the official rate of exchange of three pounds per dollar. He said this was being made possible by additional Government payments for dollars earned, as export subsidies.