“Economic cooperation between Israel and the United States is not only a worthy goal in itself, but it also serves the achievement of peace in the Middle East, “Reuven Shiloah, Minister Plenipotentiary of Israel in Washington, declared here today addressing a meeting of the American-Israel Chamber of Commerce, at the Hotel Roosevelt.
“The stronger Israel grows economically and financially, the greater the chances of Arab acquiescence in Israel’s existence, ” he said, “Israel’s vulnerability in those fields tends to strengthen Arab hopes and schemes for a ‘second round.”
Mr. Shiloah described the role of American loans and grants in helping Israel develop its industry, agriculture and communications. “American know-how,” he said, “is helping us to increase our productivity and to tap the various resources of our country. A steady increase in the volume of trade between Israel and the U.S. has become an important factor in our efforts to overcome the gap in our balance of payments.”
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