International Economic Conference in Israel Establishes Machinery for Action

A permanent secretariat for the International Economic Advisory Conference to the Israel Government, in which some 60 of the world’s leading Jewish financiers and industrialists participated here last week, was established today. The immediate task of the secretariat is to start preliminary work toward a much larger world conference, to be held here next April, with several hundred Jews from all five continents in attendance.

In a resolution adopted at their concluding session, the 60 participants of the Conference pledged themselves to cooperate with the Government of Israel in actively stimulating and mobilizing direct investments in Israel and to organize assistance for Israel’s industrial, financial and commercial management and marketing.

The 60 leaders emphasized what they called the Israel Government’s “final commitment” to provide attractive incentives to Israeli and foreign investors. Many of the conferees, who had themselves invested heavily in Israel, told the session that their own investments in Israel had resulted in good returns. Some, however, voiced criticism against what they called Israel’s “bureaucracy.”

After hearing a report on Israel’s security from Gen. Moshe Dayan, the Minister of Defense, and an address by David Horowitz, Governor of the Bank of Israel, the conferees were assured by Robert Nathan, an American economist now here as a consultant to the Government, that Israel’s Government “must play a key role in the creation of a favorable economic atmosphere.”

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