Israel’s 145,000,000 pound development ### was introduced in Parliament today by Finance Minister Levi Eshkol who out ### the country’s economic achievements and emphasized the progress made dur### year in industry and agriculture.
“We have already passed half way to our economic independence,” he said ### the second half of the way is more difficult and we will have to tighten our b### make headway.”
The economic policy of the Israel government aimed at liquidating inflat### stabilizing the economy of the state, the minister declared. “We achieved t### objectives to a great extent by easing new emissions, limiting credits, bala### budget, and introducing a dollar-rate nearer to the market’s reality. Also ### decrease in imports, increase in exports and stabilization of prices.”
Pointing out that the investments made “are already beginning to show re### Mr. Eshkol said: “The tent has already disappeared from Israel’s horizon. ### building schemes are providing dwellings for tens of thousands of old reside### well as for newcomers. However, because of lack of foreign currency, buil### activities in the country will have to be curtailed. On the other hand, the go### ment will increase expenditure on enterprises which bring immediate result ### the first line are agriculture and irrigation.”
Mr. Eshkol reported that as a result of the progress made in agriculture ### has become virtually self-sufficient in vegetables and other agricultural pro### except wheat. It has also reached a point of “modest self-supply,” in eggs ### milk. At the same time, he said, the export of citrus has increased.
“No less striking is our industrial development,” Mr. Eshkol continued. ### industrial output last year reached 200,000,000 pounds, which is one-fourth ### national income. A total of 288 new enterprises has been established during ### with an investment of 20,000,000 pounds and 31,000,000 dollars. Neverthe### are still in the first stages of our industrial development. Our industrial e### amounted to 10,000,000 pounds in 1952.”
The minister expressed hope that foreign investors would be interested ### the government is now developing for establishment of a chain of chemical in### which, he said, will bring millions of dollars profit annually. He also reve### oil drilling “has entered its practical stage,” in Israel, and that the first d### will be started next month.
JTA has documented Jewish history in real-time for over a century. Keep our journalism strong by joining us in supporting independent, award-winning reporting.
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.
