“Any isolation of Israel-political, military or economic-would be a disastrous loss to the democratic camp.” declared Reuven Shiloah, Israel Minister Plenipotentiary in the United States, addressing the first meeting of the board of governors of the reorganized Israel Bond Organization which was held here yesterday. He emphasized that the sale of Israel bond in the United States is an important factor in strengthening Israel’s economy.
Pointing out that economic isolation for Israel is as dangerous as political or military isolation. Mr. Shiloah said: “The Arab states understand this fully. That is why they are seeking to intensify the boycott of Israel, which they have been carrying on ever since the end of open hostilities. The best way to counteract Israel’s economic isolation is a program of intensified economic up building. In this effort Israel Development Bonds play a decisive role.”
“Under the impact of Israel bond investments. “Mr. Shiloah continued. “Israel is making historic strides toward economic independence toward the level of industrial and agricultural achievement which will make the Arab boycott a less and less serious matter. For example, exports have risen in value from $44,200,000 in 1952 to $88,100,000 in 1954. These are most significant figures, because they reflect the way in which Israel bonds are helping Israel improve her balance of payments and develop a higher-level of economic independence.
“Through the stimulation of Israel bond investments, industrial production has risen since 1950 from $540,000,000 to $871,000,000. Agricultural production has increased from 340,000,000 Israel pounds to 1,426,000,000 Israel pounds. Additional roads and railways are being built, mineral resources are being exploited electric power production is being greatly increased.
“Israel bonds have become the largest single source of capital investment for the development of Israel’s economy. The continued availability of Israel bond dollars will mean far more than economic growth as such. It will mean a better life for the people of the country-an opportunity for them to find security and to make an outstanding contribution to the emergence of a more creative society. “Mr. Shiloah concluded.
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