Zeev Sher, Israel’s Economic Minister to the United States, expressed the hope here that Congress will adopt the measures now before it aimed at preventing the use of the Arab boycott in the United States.
Speaking at the opening session of the 11th annual economic conference of the Histadrut Foundation at the Fontainebleau Hotel Sunday night, Sher said that the boycott has made it difficult for Israel to find markets outside of the U.S. and the European Common Market countries. “That is why all of you must promote the sale of goods made in Israel.” he told the some 1500 persons attending the conference.
Sher said the economic situation in Israel is still bad even though Israel reduced its foreign exchange debt by $500 million last year. He said the Israeli Pound has been devalued by 110 percent since 1974, the cost of goods and services have risen by more than 200 percent, the inflation rate was 38 percent last year and investments in the economy have fallen, particularly in housing.
The three-day conference, which ended yesterday, marked the $45 million milestone for the Israel Histadrut Foundation, which helps support the vast network of health, education and welfare programs of the Histadrut in Israel.
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