United States-Israel business relations are expected to increase substantially next year and possibly reach the $250,000,000 mark in 1958 according to Meir Sherman, Israel Minister for Economic Affairs in the U.S. Mr. Sherman made this prediction addressing a members’ luncheon of the American Israel Chamber of Commerce here yesterday.
The Israel Minister based his expectations both on a projection into next year of constant developments in U.S. -Israel commercial relations, as well as on several factors which would be manifest in 1958. Stressing that Israel’s scrupulous honoring of its obligations were the foundation on which commercial and financial relations developed, he said that growth of foreign trade was a natural parallel of his country’s economic development in terms of production, investments and population.
By the end of its tenth anniversary year, Mr. Sherman stated, Israel’s purchases in the U.S. would approach a total of about one billion dollars–underscoring Israel’s position as America’s best customer in the Middle East and a leading customer–on a per capita basis–as compared with any other country.
In the period 1949-1957, he said, United States exports to Israel totalled some $793,000,000, and he anticipated a volume of $130,000,000–30 percent more than this year–in 1958. By the end of Israel’s tenth anniversary year, in May 1959, the over-all total could thus approach the $1,000,000,000 mark. Israel’s sales to the United States were also expected to increase and reach some $22,000,000 in 1958.
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