Henry Ford II, the Detroit motor magnate, slipped in his hotel room yesterday and broke his arm. But the accident did not interfere with his schedule of meetings with Israeli industrialists and other activities. Ford, who came to Israel as the guest of the Israel Manufacturers Association on the occasion of its 50th anniversary, was at the Caesarea amphitheater last night with his left arm in a plaster cast.
He heard speeches by Premier Golda Meir and Marc Moshevich, president of the Manufacturers Association, Mrs. Meir said Israel was satisfied with its industrial development to date. She said the country has reached a stage when its exports are increasing without the benefit of Zionist sentiments. Israel’s products are sought on the world markets for their own merits, she said.
Moshevich rapped critics of Israel’s industrial establishment. He said “statements and declarations” were being made against the business community at a time when an all-out mutual effort is needed to increase production. Moshevich mentioned no names but it was apparent that he was referring to recent charges by Histadrut Secretary General Yitzhak Ben Aharon that current economic policies were enriching the rich at the expense of the poor.
SECOND OIL REFINERY INAUGURATED
In another economic development last night, Finance Minister Pinhas Sapir inaugurated Israel’s second oil refinery at Ashdod. The plant will have a 4.2 million ton capacity per annum which; when added to the 6.2 million ton capacity of the Haifa oil refineries, will enable Israel to export a surplus of refined petroleum products. Israel’s domestic consumption at present is 7.25 million tons per annum.
Sapir said the opening of the new facility indicated the momentum of Israel’s industrial growth. About 65 percent of the equipment at the new refinery was made in Israel. Sapir said that some IL 660 million would be required in the next decade for the expansion of the Haifa and Ashdod refineries.
His remarks were addressed to many of the 1200 foreign businessmen currently attending the Prime Minister’s Third Economic Conference here. The conference, which is aimed at bringing foreign capital and know-how into partnership with Israeli industry, opened Monday in Jerusalem and split into 11 committees yesterday for working sessions in Tel Aviv. So far at the sessions there has been criticism of the red tape that hampers investments in Israel and a diversity of opinion among leading Israeli bankers on how foreign investments can best be channeled.
At a meeting of the finance committee chaired by Sapir, Ernest Yaffe, a director of the Bank Leumi, suggested that investments be made through the Israeli stock exchange. Jacob Levinson, of the Bank Hapoalim, proposed the creation of a trust fund to sell shares to Israeli and foreign investors, thus limiting the risks of the latter. Benno Guetter, of the Israel Discount Bank, suggested that investments be channeled to specific projects, supervised in Israel. “It is no good to supply funds and control affairs from abroad.” he told the delegates.
It was learned yesterday that several deals have already been consummated between foreign businessmen attending the conference and various Israeli firms.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
