The current reorientation of Israel’s economic policy is favorable for the U.S. investor, according to John Furman, president of PEC Israel Economic Corporation. Speaking at a news conference at PEC’s headquarters in New York on the eve of his departure for Israel to resume residence in Tel Aviv, Mr. Furman said that the new emphasis on increased exports and improved productivity will strengthen Israel’s economy and benefit the foreign investor.
Special significance at this time attaches to science-based industry, Mr. Furman said. He explained that the development of such an industry could contribute significantly to the reduction of Israel’s adverse trade balance. Moreover, he declared, it would provide employment to the graduates of Israel’s technical and scientific schools and offer an incentive for Israeli scientists working abroad to return to Israel and apply their experience to new industries at home.
He said PEC is already pioneering in this area, being the prime mover in the founding of the Israel Research and Development Corporation, in which Government, Bank Leumi, Israel Discount Bank and private U.S. investors will be major participants. Keen attention, he declared, is also being given by PEC to the expansion of Israeli companies engaged in the production of industrial exports such as the Abic Pharmaceutical Company, Israel Petrochemical Enterprises, Elron Electronic Industries, Serafon Resinous Chemicals Corporation and Enterprises of Assisi, and to other foreign exchange earners including citrus-exporting Mehadrin and tourist bus company United Tours.
Having raised $5,000,000 of new capital last year, PEC is in a particularly good position at this time to stimulate and strengthen industries with export potential, Mr. Fur-man said, adding; “We have also created an Israel Committee to afford us a better perspective of the Israel economic scene. The Committee will stay in close touch with PEC’s current investments and will make recommendations for new projects to PEC’s Executive Committee in New York. Chairman of the committee is Daniel Recanati, head of the Israel Discount Bank Group.”
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