Israel will need more than $1, 000, 000, 000 in investments next year, delegates to the Third International Congress of Bi-National Chambers of Commerce were told today. Most of the possible investments will go to development projects and basic industries as well as housing projects.
Nathan Straus of New York, president of the American-Israel Chamber of Commerce, told the opening session that American private investment in Israel has increased 500 percent since the Congress was started in 1955. He said that as compared with American private investment then of $8, 000, 000 a year, the total now was $40, 000, 000 annually.
He also reported that the number of American firms operating in Israel had neared the 200 mark and that they included such well-known companies as Studebaker-Packard, Dun and Bradstreet and Fairbanks-Whitney, all members of the American-Israel Chamber of Commerce. He reported that 17 countries were represented in the Congress which was greeted by Pinhas Sapir, Commerce Minister.
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