NEW YORK (Jun. 29)
Yosef Sapir, Israel’s Minister of Commerce and Industry, advised 180 American investors and marketers yesterday that Israel is a better base for exports to undeveloped countries than is the United States. Not only does Israel have a better rapport with those countries, he said, but the absence of inflation in Israel has prevented price rises. (The threat of inflation was eliminated late last year through a “package deal” among employers, employes and Histadrut.) The minister spoke to the American steering committee of the Council for Israel’s Economic Development of the Israeli government’s Investment and Export Authority. Mr. Sapir said that of the top 500 American corporations listed by Fortune magazine, 50 have Israeli investments or manufacturing licenses. He called on American businessmen to make “tremendous investments” in Israel–both financially and in “know-how.” Michael Zur, President of the Israel Corporation of Zim Israel Navigation Company, said Zim – which controls half of Israel’s shipping – will be making a $300 million investment in new ships of which $160 million has already been outlayed. Zim is also building a $40 million oil refinery at Asbdod and is cooperating with El Al Israel Airlines in the building of three Israeli hotels, Mr. Zur said.