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Israel’s Economic Outlook is Good, Official Says Upon Arrival in N.Y.

September 13, 1951
See Original Daily Bulletin From This Date

The economic outlook for Israel is good and considerable capital is flowing into the country from abroad, David Horowitz, director-general of the Israel Ministry of Finance, told newsmen today upon his arrival here to help the Israel Bond Drive campaign. Mr. Horowitz, who will attend the National Economic Conference for Israel in Washington September 20-23, added that eventually Israel will become self-supporting.

He reported that Israel had received $50,000,000 in cash from the Bond Drive since it began last May 1 and that all the money had been spent or earmarked for “productive self-liquidating projects” such as electrical power development, irrigation, food processing plants and the manufacture of ceramics and potash products He is scheduled to be one of the principal speakers at a rally this Sunday opening the fall drive of the Greater New York Committee for the Israel Bond Drive.

While he is in this country Mr. Horowitz will discuss Israel’s oil situation with American officials in Washington. Among the topics to be discussed will be the possibility of increasing the production capacity of the Haifa oil refinery through the supply of additional crude oil from the Western Hemisphere, and the exploration and exploitation of oil resources in Israel itself, said by American geologists to be expensive.

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