New industrial plants are now opening in Israel at the rate of ten per month, it was reported here today by the Jewish Agency’s economic department.
These enterprises, many of which are the first of their kind in the Middle East, include a car and truck assembly plant, a refrigerator assembly plant, zipper and dress factories, asbestos cement pipe works, a brewery, a refrigeration plant, a pencil factory and bakeries. Many of these enterprises involve American capital, and provide the economic base upon which other new industries will be established, the report said.
“In the past five years, a total of 893 projects, covering a wide range of modern industrial and service enterprises, have been approved by the Israel Government Investment Center. Of this number, 348 enterprises were in operation as of June 30, 1953, and another 363 are in various stages of development,” the report stated.
“The Investment Center’s figures highlight the role which American capital is playing in the development of Israel’s economy,” the report continued. “Of the 348 new enterprises in operation, 113, nearly one-third, were sponsored by American investors. Of the $43,400,000 in foreign capital involved in these enterprises, $20,400,000, nearly half, is American.”
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