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. ❑