We tried it...You liked it... So once again, by popular request
the Agency for Jewish Education Presents:
SUNDAYS AT THE MIDRASHA
FALL, 1989
An ongoing series of four lectures open to the community which will raise important issues in our
lives as American Jews. Our goal is to provide a forum for discussion of matters of Jewish interest
through an ongoing series.
Foreign Investors
Still Showing Interest
NECHEMIA MEYERS
Special to The Jewish News
T
SEPTEMBER 17 - 7:30 P.M.
ART AT THE MIDRASHA: THREE GENERATIONS OF THE
MAKING OF JEWISH CEREMONIAL OBJECTS
Boaz Yemini's work represents another stage in the development of the
Yemini dynasty of silversmiths. He is a link in the three part Jerusalem legend
of continuity and change. Mr. Yemini will discuss his work and his creations
will be available for purchase.
Boaz Yemirii
Israeli silversmith
SEPTEMBER 24 - 7:30 P.M.
LABOR, LIKUD AND THE PLO INITIATIVE
People are constantly asking, "How should Israel respond to PLO overtures
for peace?" These complex issues will be discussed from the various
perspectives currently being debated in Israel.
ltamar Rabinovich
Dayan Center, Tel Aviv University
Co-Sponsored with Wayne State University,
Center for Judaic Studies
OCTOBER 29 - 7:30 P.M.
TOUCHING THE PAST:
PERSONAL IMPRESSIONS OF A POLISH JOURNEY
Suzie Russek-Osherov, internationally acclaimed artist, has spoken throughout
the world about her journey from Polish roots to Israel and beyond. Our rich
tradition will come alive as she shares personal reflections of her past.
Suzie Russek-Osherov
Israeli poet, artist and historian
NOVEMBER 19 - 7:30 P.M.
PROPHETS AND PROFITS - WHAT GIVES?:
AMERICAN EXPERIENCES OF PHILANTHROPY
Why do people give to help others? Why are some people more generous
than others, and why do some people go through life taking instead of
giving? This session will explore the philanthropic habits of the American
people.
Dr. Jacqueline Zeff
Dean, Division of Arts and Sciences, Mercy College of Detroit
Midrasha College of Jewish Studies
21550 West Twelve Mile Road
Southfield, Ml 48076
—
Open to the public
For further information, please phone 352-7117.
70
FRIDAY, SEPTEMBER 15, 1989
No Charge
he intifada has not
killed foreign invest-
ment in Israel.
On the contrary, rocks and
Molotov cocktails notwith-
standing, an unprecedented
number of investors and
potential investors have made
whirlwind visits in recent
months.
One of them, British press
magnate Robert Maxwell, has
already put tens of millions of
dollars in an Israel newspaper
(Ma'ariv), an Israeli phar-
maceutical firm (Teva) and an
Israeli company that pro-
duces state-of-the-art graphic
printing systems (Scitex).
Maxwell recently tried to buy
50 percent of the shares of the
Union Bank, though so far
his offer has not been
accepted.
Also seeking out new in-
vestment opportunities were
several Americans, including
John H. Bryan, chairman of
the Sara Lee Corp., which
already has a $16.7 million
share in the Delta-Galil tex-
tile firm; and Roy Disney
(Walt's nephew), whose
Shamrock Corporation has
been pleased by the returns it
received after buying into an
Israeli food processing project
and local media enterprises.
Further Italian investment
may be heralded by the visit
of another big-money man,
Carlo De Benedetti, chair-
man of the Olivetti Corpora-
tion. While in the country, he
explored the possibility of in-
vesting in electronics, electro-
optics and telecommunica-
tions firms.
Finally, wealthy Canadian
Charles Bronfman, having
sold his stake in the Supersol
chain (which brought super-
markets to Israel), was here
in recent months to buy up
more shares in the Thva Phar-
maceutical Company and to
look into other ventures.
The far-reaching trade
agreements that Israel has
concluded with both the
United States and the Euro-
pean Common Market —
which will allow the products
of Israel-based firms virtual-
ly free access to both the U.S.
and Europe — has certainly
helped attract overseas com-
panies. Also of significance,
says Stanley Gold, president
and chief executive officer of
Disney's Shamrock Corpora-
tion, is the fact that invest-
ment bargains are to be found
in Israel.
But this does not lessen the
7=
c
importance of the special
perks that the government of-
fers to foreign investors, who
pay a tax of 10 percent to 23.5
percent on their profits, while
their Israeli counterparts
typically pay more than 40
percent. The overseas finan-
ciers likewise benefit from
generous government loans
and grants (which sometimes
exceed their own investment)
and, finally, they can pull out
their money at any time, no
questions asked.
Finance Minister Shimon
Peres and his colleagues are
willing to do almost anything
to attract foreign in-
vestments. Indeed, say some
economists, they go too far:
Government help is so
The far-reaching
trade agreements
that Israel has
concluded
certainly helped
attract overseas
companies.
substantial that Israel enjoys
little or no net benefit.
Moreover, the critics add,
foreigners invest mainly in
existing enterprises so that
few new economic assets or
jobs are created. Where jobs
are concerned, it may even be
the other way around. Only
two months after the Holl-
inger Company of Canada
took over The Jerusalem Post
it was reported that 21 news
employees and 49 other
employees — all supposedly
redundant — had received
dismissal notices.
Mati Davidowitz, deputy
director of the investment
authority in the Ministry of
Commerce and Industry, re-
mains enthusiastic about
foreign investments, and par-
ticularly stresses the impor-
tance of the- maxketing know-
how that overseas investors
bring. "If a foreigner buys the
shares of a local company,"
Davidowitz declares, "you can
be sure that there will be a
market for its products
because he won't invest in an
enterprise until he has deter-
mined that such a market ex-
ists."
For that and other reasons,
the government will continue
to court the Maxwells, the De
Benedettis, the Disneys and
the Bronfmans, and continue
to hope that their success will
persuade additional investors
to follow in their footsteps.
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