With its agricultural development advanced to a high degree, the State of Israel is now giving top priority to wider planning for industrial growth, Dr. Joseph J. Schwartz, vice president of the Israel Bond Organization, reported today following his return from conferences with leaders in Israel.
“The development of new industrial enterprises, with special emphasis on increasing exports to the Far East as well as Europe, represents the most important element in Israel’s economic progress in the second decade of its independence,” Dr. Schwatz said.
Dr. Schwartz declared that the Israel leaders were gratified with the increased rate of Israel bond sales in the United States during the past four months. He said that since May, 1951, more than $380, 000, 000 has been raised through the Israel bond campaign. “Money raised through the Israel bond drive is being invested in those areas of the economy which produce substantial quantities of goods for export, ” Dr. Schwartz stressed.
“One of the key areas of the country being developed by Israel bonds is the Negev, the southern half of Israel which has been barren for centuries, “he continued. “This area is now exploiting phosphates, copper, oil, clay and other natural resources, which are of decisive importance as exports, or in reducing the need for imports. The Israel bond drive must raise a minimum of $75, 000, 000 during 1959 for the development. industry and agriculture, the expansion of roads, harbors and railways, the exploration of natural resources, and the construction of immigrant housing,” Dr. Schwartz added.
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