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July 29, 1983 - Image 38

Resource type:
Text
Publication:
The Detroit Jewish News, 1983-07-29

Disclaimer: Computer generated plain text may have errors. Read more about this.

38 Friday, July 29, 1983

THE DETROIT JEWISH NEWS

Financial Independence Stressed as Goal for Israel by 1990s

By ELMER WINTER

Chairman, Committee for Eco-
nomic Growth of Israel
- (Copyright 1983, JTA, Inc.)

"Can Israel reach a point

where she can go it alone —
become independent of
American financial sup-
port?
The answer must be yes.

Israel has no choice but to
work towards getting out of
the perilous situation where
the United States can apply
pressures against her —

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thus forcing the govern-
ment of Israel to make deci-
sions often considered not to
be in her best interest.
The better part of good
judgement requires us to
question whether the
U.S. will continue to pro-
vide loans and grants to
Israel of $2.5 billion per
year indefinitely. Domes-
tic pressures at home are
in conflict with Israel's
request for long-term
funding. An intensive
campaign should be
undertaken now to make
Israel financially inde-
pendent of the U.S.
After studying the
growth of the Israeli
economy in some detail, in-
terviewing its leaders of
commerce and industry and
talking with its leading
governmental economic of-
ficials, I believe that Israel
can celebrate its "Economic
Independence Day" by Dec.
30, 1990. To make this
possible, a new kind of coop-
eration between the two
countries will be necessary:
doing it with the Israelis
rather than for them.
What is needed, then, is a
matching effort, with input
by both countries. The key
to this cooperation lies, as I
see it, in the private sector.
American corporations
must be encouraged to es-
tablish manufacturing
plants in Israel, investing
their capital (together with
Israeli entrepreneurs) and
pooling their know-how.
The aim would be to in-
crease the number of U.S.
companies with manufac-
turing branches in Israel
from 150 to more than 200
by 1990.
The increased production
for export of such an in-
crease would be sufficient to
realize the Israeli govern-
ment's plan to more than

double its annual exports
from $5 billion in 1982 to
$11.3 billion by the end of
1991. If Israel can meet or
exceed that export figure, it
will have eliminated its
balance-of-payment deficit,
provided only that imports
are kept under some kind of
tighter control and govern-
ment spending can be re-
duced.
To reach the goal of
$11.3 billion in exports
per year, $1 billion of
additional capital must
be invested in Israel each
year. Some of this capital
will no doubt come from
Israeli companies and
from Americans firms
operating in Israel. The
balance must come from
new enterprises that will
open in Israel.
To become economically
independent by 1990, there
must be a reduction in the
involvement of the Israel
government in the man-
agement of productive
enterprises. It would also be
well for the Jewish Agency
and the Israel goyernment
itself to sell off some of the •
companies they own and op-
erate
to private

entrepreneurs.

Many areas of coopera-
tion between private U.S.

Skillman Grant to Dr. Horwitz
to Aid MCF Cancer Research

Dr. Jerome P. Horwitz,
chairman of the Depart-
ment of Chemistry at the
Michigan Cancer Founda-
tion, has been awarded a
$25,000 grant by the
Skillman Foundation to
purchase state-of-the-art
instrumentation needed in
cancer research. The
Skillman Foundation of De-
troit assists religious, edu-
cational, charitable and sci-
entific organizations.

YOUNG? JEWISH? 7-15 YRS.?
THINKING About the summertime blahs? WHY?

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at

and Israeli companies
suggest themselves. To deal -
with the explosion that has'
taken place in the computer
industry, Israeli companies
offer superb technological
skills in software capabil-
ity. There is a vast market
for Israeli-manufactured
home computers.
Israeli companies have
the know-how to become
world leaders in word proc- •
essing and robotics, as they
have already proven in the
area of computer aided de-
sign.
One way Israeli com-
panies can help themselves
is to come to the American
securities market for finan-
cial backing. Approx-
imately 12 Israeli com-
panies are already listed on
American stock exchanges
or as over-the-counter
stocks. Plans are moving
forward to launch a U.S.
based mutual fund that
would hold Israeli stocks
sold in the Tel Aviv as well
as the New York and
American Stock Exchanges:-
The call of financial inde-
pendence is realizable pro-
vided there is an active joint
participation by American
and Israeli businessmen
supported by the govern-
ments of both countries.

CAMP TAMARACK &
CAMP MAAS!

DR. JEROME HORWITZ
Dr. Horwitz, in acknow-
ledging the grant, said,
"The Michigan Canter
Foundation can now ac-
quire the most modern ul-
traviolet, visible and infra-
red spectrophotometric in-
strumentation." He said,
"These analytical tools will
enhance our new anti---
cancer drug development
program."

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When You're
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