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Avidg4 Sweat
Stock Jumps On China News
Jerusalem — Shares in Israel
Chemicals and its subsidiary
Dead Sea Works rose by the
maximum 10 percent Oct. 17
following reports that Dead Sea
Works will be establishing a
potash producing plant in Chi-
na.
Reports from China indicat-
ed that investment in the plant
would be close to $560 million.
However, Uri Zvi Ben-Nun,
general manager of DSW, said
the sum is actually closer to
$470 million.
The potash plant will be a
joint venture of DSW and the
Shoul Eisenberg Group, which
together will hold 33 percent of
the project.
The remaining 66 percent
will be held by the Chinese gov-
ernment through the Qinghai
provincial government.
The Israeli firms will be sup-
plying the technology and
knowledge, while the Chinese
are improving the infrastruc-
ture, including rail lines and in-
terchanges, according to
Ben-Nun.
"We are deeply involved in
the project, and we already
have invested some $130 mil-
lion into the initial planning
and establishment of the plant,"
he said.
Industrial Firms Lead Expansion
Tel Aviv — The economic ac-
tivity of Israeli industrial firms
expanded in the third quarter
after stalling in the previous
quarter, according to the Bank
of Israel's quarterly company
survey.
Most of the firms that par-
ticipated in the survey expect
the growth to continue through
the fourth quarter.
The growth was evident in
every industrial sector, partic-
ularly in the construction sec-
tor, which tried to make up for
the slowdown in the second
quarter that resulted from the
closure of the territories.
About half the companies re-
ported production and sales in-
creases concurrent with higher
machinery and equipment uti-
lization rates and increases in
hiring.
Most of the increased activi-
ty came from large firms, some
of which are involved in infra-
structure projects.
Seventy percent of trade
firms reported increases in
sales during last quarter and
most expect the positive trend
to extend through this quarter.
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New Israel Budget
Projects Growth
Jerusalem (JTA) — Israel's
1994 state budget calls for
increased spending on edu-
cation and the infrastruc-
ture and lower tax rates for
middle-income earners.
Finance Minister
Avraham Shohat, who pre-
sented the budget to the
Knesset, said the govern-
ment is looking forward to
accelerated economic growth
as a result of the Sept. 13
signing of the self-rule ac-
cord with the Palestine Lib-
eration Organization.
Mr. Shohat also cited
Israel's improved standing
in the international com-
munity following the
historic signing as a factor in
the anticipated economic
growth of the country.
The budget was scheduled
for a vote before it is sent on
for committee approval
within the Knesset. The
final vote on the budget will
take place before the end of
1993.
Mr. Shohat and Prime
Minister Yitzhak Rabin
have won a pledge from the
fervently religious Shas.
Mr. Rabin and Mr. Shohat
were also busy securing the
backing of Labor Party
Knesset members who had
been threatening to
withhold their votes because
of their concern about
unemployment and social
policy.
Mr. Shohat met with
Abdel Wahab Darawshe, a
leading Arab Knesset mem-
ber, and promised to make
good on government pledges
to the Arab sector in return
for the votes of the two Arab
Knesset factions — the Arab
Democratic Party and the
Communist-led Hadash —
that are aligned with the gov-
ernment but are not part of the
governing coalition. 0
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