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South Korean Government Wants to Build Three Ships in Israel

The Republic of South Korea will order three 13,000-ton ships from the Israeli Shipyards at Haifa if the Israel Government will approve payment terms suggested by South Korea. The two countries signed today a tentative agreement for the order.

The South Koreans proposed that 80 percent of the total cost of $9,000,000 for the three vessels be paid out over a 10 to 11 year period. The negotiations were handled in South Korea by J. Livertowsky, director of the Israel shipyards, who will return to Israel next week to discuss Israel’s side of the proposed transaction.

The Israel Government will seek to try to minimize the credit terms and shorten the payment period proposed by South Korea. The Government’s economic committee is expected to make a decision on its counter-offer next week.