Meyerhoff Reports ‘vastly Improved’ Climate for Investment in Israel

Israel’s industry and economy as a whole will be given impetus by last month’s economic conference in Jerusalem, Joseph Meyerhoff, chairman and president of PEC Israel Economic Corporation, reported today to the annual meeting of stockholders of the corporation. He said that plans developed at the conference to aid the growth of various industries “might very well provide the breakthrough to effectively narrow the country’s trade gap and to further sound growth.”

Mr. Meyerhoff announced that PEC had authorized additional equity investment in a number of PEC subsidiaries and affiliated companies to finance expansion programs. He said that PEC is participating in two new ventures for production of computer hardware and electronic equipment. Mr. Meyerhoff also told the stockholders’ meeting that “I found in Israel greater readiness than ever before on the part of Israelis to seek true business partnerships with business people from other countries on a businesslike basis.” He said the climate for investment was “vastly improved” and noted that “the absence of significant increases in the general price level following last November’s devaluation, the easing of credits, the lowering of interest rates and improvement of lending terms, the marked decrease in unemployment and the growth of export sales augur well for the future.”