Two hundred American businessmen and industrialists were told by Israel’s new Finance Minister today that his country plans a substantial reduction in tariffs over the next few years to help make its industries more competitive on the international market. Zeev Sharef, who also holds the Cabinet portfolio for commerce and industry, was guest speaker at a luncheon of members of the American-Israel Chamber of Commerce and Industry here.
Trade is a two-way street, Mr. Sharef said. “These import tariff reductions will also help foreign companies to become more involved in trade and investment projects in Israel.” He told Chamber members that Israel will be able to increase its overall production by 40 percent over the next four years and raise foreign exchange earning industrial exports by 60 percent. Mr. Sharef also disclosed that in the six-month period ending in June, 1969, Israel’s total exports to the United States increased by almost 28 percent over the corresponding period of 1967. He said the export of industrial diamonds was up 22 percent and other exports, mainly industrial products, showed a 37 percent increase.
Mr. Sharef said that Israel is presently enjoying a tourist boom. About 400,000 visitors are expected by the end of this year compared to 300,000 in 1967 and the expectations are for 500,000 by 1970. He said that Israel will hold a “Fashion Week” in Tel Aviv from Feb. 24 to 28, 1969.
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