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Jump in New Investments in Israel Reported Despite Mideast Strife

The deteriorating political situation in the Middle East has not affected the climate for investors in this country, according to a report released by the Government Investment Center. During the first five months of 1970 the Center has approved IL 790 million worth of new investments compared to IL 466 million in the same period of 1969, an increase of two-thirds, the report noted. During the month of May alone, approved investments totalled IL 65,5 million compared to IL 41 million in May, 1969.

The report said that IL 425 million of new investments this year are ear-marked for the establishment of new industrial plants compared to IL 266 million for that purpose the previous year. The Investment Center said that 70 percent of the new investments are in export producing industries and will create 9,000 new jobs. A commercially promising but so far unproved oil strike in the Negev created a flurry on the Tel Aviv Stock Exchange. Shares in Naphta, the company that owns the new drilling site, were quoted at 110 points above par. About 40,000 shares changed hands.