WASHINGTON (Sep. 17)
Zvi Dinstein, Economic Minister of Israel to the Western Hemisphere, called yesterday on the State of Israel Bond Organization to “complete the tremendous work you have done in the economic development of Israel by strengthening mutual relations between the Israeli and American business communities.” Addressing the 1978 Fall International Leadership Conference of Israel Bonds at the Washington Hilton Hotel, he declared that a solid relationship between American and Israeli business would be the instrument that finally established Israel economic independence.
Nearly 1000 lay readers from 50 communities in the United States and Canada are participating in the three-day conference which ended today. Last night they attended a gala 30th Anniversary concert commemorating three decades of Israeli statehood, with Leonard Bernstein conducting the Israel Philharmonic Orchestra at the Kennedy Center for the Performing Arts.
In his address, Dinstein said: “You are equipped to carry the message of Israel’s fast growing and high quality economy to the business community, and thus help Israel by spurring increased investments and exports through the penetration of new markets. ” Israel has much to offer, he said, as typified by the high-technology and science-based industries that are universally recognized.
” Israeli exports, including goods and services, will reach $7 billion this year as against $5.75 billion in 1977,” he observed and growth is still spiraling. The growth rate for exports in the first eight months of this year is 25% more than it was at the same time last year, he said. Declaring that Israel’s economy is “coming of age,” Dinstein paid tribute to the Bond leaders for their $3.9 billion in Bond sales since 1951.
“By giving high priority to Israel’s industrial aspirations and high achievement,” Dinstein said, “you will accomplish a vital and important service to Israel and to the Israel Bond program.” He discussed a new Israeli law that seeks to encourage foreign investment in Israel by financing up to 75% of the investment “while protecting the dollar value in less of a bureaucratic process than ever before.” Dinstein also said that “the Israel government is committed to resolve Israel’s high inflation substantially in 1979.”