Relaxation of foreign currency controls and of trade policies in Israel were forecast here tonight by Israel Minister of Transportation Joseph Serlin addressing the first annual dinner of the American-Israel Chamber of Commerce and Industry.
Some 400 guests at the dinner witnessed the granting of the chamber’s first annual awards to George W. Wolf, president of U.S. Steel Export Company, and Jack Mazer, president of Hudson Pulp and Paper Corporation. Mr. Wolf’s award was in recognition of his company’s supplying Israel with $11, 000, 000 worth of steel, and Mr. Mazer’s was in recognition of the establishment in Israel of the American Israeli Paper Mills Ltd., a $4, 000,000 investment and the only paper mill in the Middle East.
Mr. Saphir, who thanked the American people and government for aid to Israel, said that continued assistance was needed for the stabilization of Israel’s economy and currency. The government’s stabilization of prices and wages has made it possible to adopt “a more effective and realistic approach to the possibility of abolishing the control of foreign exchange.” He revealed that the Israel Government is prepared not only to encourage private initiative and investment but also to transfer its shares and holdings in existing enterprises to investment capital from abroad.
Ambassador Abba Eban of Israel, who was named honorary chairman of the chamber, told the guests that the recently ratified treaty of commerce, navigation and trade between the U.S. and Israel has greatly facilitated the consolidation of trade and commerce ties between the two countries. He reported that the past year had witnessed a significant reduction of Israel’s imports and an increase in exports, particularly in manufactured goods.
Norman Paul, regional director of Foreign Operations Administration programs in the Near East, described the Mutual Security Program total requests for the fiscal year 1955 now before the Congress. He emphasized that the program, now being carried out and planned for the future in the Near East, are in accordance “with the policy of the President to devote increasing attention and understanding to the problems of the people in that area, whose future attitudes and orientation are of vital importance to the whole world.” Mr. Paul paid particular tribute to the government and people of Israel and the remarkable progress they had made.
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The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
