Israel’s recently enacted legislation to aid foreign investors was described here yesterday by Pinhas Sapir, Israeli Minister of Commerce and Industry, as “a model of liberal investment regulations.” Addressing a meeting of the America-Israel Chamber of Commerce and Industry, Mr, Sapir announced that Israel hopes to attract $500,000,000 worth of new foreign investments to Israel in the next four years.
Under the new investment-aid legislation, he stated, all profits can be remitted in dollars, and even the principal invested by foreigners can be brought back if desired, “Liberal tax exemptions, ” he continued, “including accelerated depreciation and the availability of development loans combine to start off new enterprises in Israel on the road to success.”
Thus far, .Mr. Sapir said, American investors have put more than $130,000,000 into more than 200 enterprises in Israel. Not only Jewish firms are investing, he declared, but non-Jewish American firms as well. He told the Chamber that at least two American chemical firms are to establish plants in Israel.
“We want to attract more private investment, ” the Israeli Cabinet member said, “because we believe that free enterprise is the way to stimulate new ventures in Israel, Public investments have laid the foundation for a modern and progressive economy. Now, as a result, it is possible to offer better security to private initiative.”
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