Ambassador Abba S. Eban today told a stockholders meeting of Rogosin Industries, Ltd. that the Government of Israel stood fully behind Israel Rogosin’s venture in establishing a rayon plant at Ashdot Yam with an investment of $20,000,000. Israel regards its success as “vital to the national interest,” the Ambassador added.
Mr. Eban, who brought the greetings of Finance Minister Levi Eshkol, explained the vital importance of this project to the Israel economy whose main problem lies in the need for increased foreign exchange earning capacity. While Israel’s exports show an encouraging increase, it is urgent to bridge the gap of about $300,000,000 which still exists between Israel’s earnings over her current foreign exchange needs, he said.
Mr. Rogosin presented an encouraging report on the financial position and prospects of the rayon plant and pointed out that it could be adapted to all the probable developments in the production and sales of synthetic fibres.
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