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Foreign Investment Projects Discussed at Follow-up of Economic Conference

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Foreign investment projects in Israel were the main topic of discussion at a meeting of Israeli and foreign businessmen and financiers that opened here yesterday. The meeting is a follow-up to the World Economic Conference held here last June at the initiative of Prime Minister Levi Eshkol. Many of the undertakings under review today originated at that gathering. Fifteen participants from abroad representing the United States, Britain, Europe, Africa, Asia, the Far East and Latin America are the regional chairmen selected at the June meeting.

Zeev Sharef, Israel’s Finance Minister and Minister of Commerce and Industry, addressing the opening session, said investment projects were receiving Government-approved status at the rate of $43 million a month and the pace was expected to increase to $58 million a month by the end of next year. Mr. Sharef said an investment of $116 million would be required next year to help finance the absorption of new immigrants. He said Israel’s budget could not provide financing on such a scale and that the Government was considering an incentive program that would ensure a net yield of seven percent on investments in rental housing.

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