Foreign investments in Israel, which fell off in the wake of the Czechoslovak-Egyptian arms dealing September, 1955, have picked up again, Pinchas Sapir. Minister for Trade and Industry, reported to Parliament today.
In the course of a debate on the budget, Mr. Sapir disclosed that in 1956 his department had given approval for favorable tax status for new enterprises in which had been invested 68, 000, 000 pounds and $15, 000, 000. This is a poor ratio of dollars to pounds. Mr. Sapir disclosed that the government had agreed to give special foreign investor status to the first supermarket chain.
There are already 591 enterprises in Israel returning a profit under the foreign investors law, Mr. Sapir said. He revealed that last year investments rose 20 percent over 1955 and that the goal this year is a further increase of 20 percent to bring the years total exports to $200, 000, 000.
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