Japan will advance Israel $10,000,000 in credits over a period of at least five years it was learned here today. A communique issued here yesterday revealed an agreement for Japan to advance Israel credits toward the purchase of one or two oil tankers from Japanese shipyards as well as for the purchase of Japanese machinery.
The agreement, reached by Japanese officials and Pinchas Saphir, Israel’s Minister for Trade and Industry, who is currently in Japan on the first leg of an Asian goodwill tour, also provides for increased trade under eased conditions between the two countries. Last year. Israel sold Japan $400,000 worth of potash and bought from the Japanese $500,000 worth of wool yarns, cod liver oil and chemicals for the plastics industry.
Present plans call for Israel to export to Japan copper, cement, potassium sulphate and table salt, while accepting from Japan–in addition to the tankers–wood and metal working machines, optical instruments and sewing machine parts for assembly in Israel.
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