Simon: Israel Should Stabilize Economy Without U.S. Reliance
TEL AVIV (JTA)
U.S.
Treasury Secretary William
Simon wound up his talks
with Israeli officials by stres-
sing the need for Israel to
develop means to stabilize
her economy rather than de-
pending on American finan-
cial aid.
He assured Premier Yitz-
hak Rabin of continued
American support for Is-
rael's security and develop-
ment.
Before leaving for Sudi
Arabia, Simon told reporters
at- Ben-Gurion Airport that
he has invited Israel i Fi-
nance Minister Yehoshua
Rabinowitz to come to Wash-
ington in November by which
time the longterm, aid dis-
cussed during his visit will
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Earlier in a joint communi-
qui issued in Jerusalem,
Simon and Israeli officials
announced the establishment
of a joint economic commit-
tee on which both Simon and
Rabinowitz will serve to
boost American investment
in Israel and encourage bi-
lateral trade. An investment
council also •may be estab-
lished to seek greater invest-
ment by American firms in
Israel.
Meanwhile, four working
groups will study ways to
encourage American invest-
ment in Israel, plans for a
regular supply of raw ma-
terial to Israel from the U.S.,
the possibility of cooperation
between the two countries in
industrial research and a plan
to encourage trade between
the two countries.
Simon, who had visited
Egypt before coming to Is-
rael, said he was impressed
by Egypt's sincere intention
to develop a peace-time eco-
nomy. He said that economic
aid will only work if peace
is achieved ,in the Middle
East.
In New York Sen. Jacob K.
Javits (R. N.Y.), in a report
in the Congressional Record,
assessed the condition of Is-
rael under its new leadership
and the position of that state
in relation to world affairs.
Based on his impressions
during a visit to Israel. from
July 3-7, Javits concluded
that the new government of-
ficials there are "confident
and competent," and the
stresses and tensions report-
ed as characterizing Israel
now have been overempha-
sized by the press.
"My experience in Israel
fully confirmed my belief
THE DETROIT JEWISH NEWS
Friday, July 26, 1974-3
George
OHRENSTEIN
that the relationship of Israel
and the United States is
closer and more intimate
than ever before," Javits
said.
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