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American Jewish Leaders Present Optimistic Report on Israel’s Economy

Optimism for Israel’s economic future in spite of the current slowdown, was expressed by Joseph Meyerhoff, chairman, and John Furman president, at PEC Israel Economic Corporation’s annual stockholders’ meeting, held here.

PEC, through the efforts of its Israeli subsidiaries and affiliates to expand their exports and through the new investments it has authorized, is assisting Israel to narrow the country’s trade gap. One of these investments – $1.5 million in the newly formed Bulk Carriers El -Yam Ltd, will help to build four 76,000-ton cargo ships whose operation will add to Israel’s foreign currency earnings and will also provide off- and on-shore employment opportunities.

Formation of a new company – Israel Industrial Services, Inc., New York, was also announced at the meeting. IIS will initiate and develop projects suitable for U.S. corporations, with a view to their establishing industrial plants, in Israel, and particularly those having a scientific orientation, IIS will also seek from U.S. corporations, research and development contracts to be executed in Israel by Israeli institutions and scientists.

Elected for the first time to PEC’s Board of 60 Directors were seven Israeli residents: David Crohn, vice president, PEC; M.B. Gitter, managing director, Israel Development and Mortgage Bank; Dr. A. Levi, managing director, Discount Bank Investment Corporation; Daniel Recanati, chairman, Israel Discount Bank; Harold L. Seligman, vice president, PEC: Dov Tadmor, managing director, Property & Building Corporation; and Dan Tolkowsky, managing director. Discount Bank Investment Corporation.

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