Foreign Capitalists Invest $20,000,000 in Sixty New Plants in Israel in Few Months

Some $20,000,000 worth of foreign capital has been invested in the last few months in 60 large-scale manufacturing establishments in Israel, Gershon Meron, director-general of the Trade Ministry, today told a press conference.

Mr. Meron added that scores of smaller plants have been set up by recently arrived immigrants who brought with them machinery valued at tens of thousands of dollars. He attributed the spurt in investment to the government’s recent legislation designed to attrant foreign capital.

He also announced the creation of a 16-man board which would serve as an advisory council for a government investment office. Potential investors from abroad will apply to and receive from this office certificates of “approved enterprise” which will entitle them to receive the benefits of the new legislation. The advisory council will consist of the directors general of the six principal ministries and ten leaders of trade and industry.

U.S. EXPERTS DRAW UP PLAN FOR MUNICIPAL WATER SYSTEM IN TEL AVIV

The construction of a central municipal water system drawing upon the Yarkon River and underground sources according to plans drawn up by American experts will be the main feature of Tel Aviv’s $11,000,000 public works program for the fiscal year of 1950-51, Mayor Israel Rokach announced last night at a press conference here. The Mayor said that this represented a doubling of the public works budget for the year 1949-50.

Other projects to be undertaken or completed this year–as part of a $112,000,000 five-year expansion program–include: a rail connection between the two rail##ad stations in the city; a central vegetable market, including underground refrigerator stores, on the Petach Tikvah road; construction of a stadium in northern Tel Aviv; preparatory work on a 175-acre industrial site; increasing the size of the local focational school; widening of various roads; and, construction of parking areas throughout the city.