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August 12, 1994 - Image 52

Resource type:
Text
Publication:
The Detroit Jewish News, 1994-08-12

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

12 MONTH CERTIFICATE

4 25%
4.31%

INTEREST
RATE

24 MONTH CERTIFICATE

5.00 0/0
5.09%

60

INTEREST
RATE

First
Rate
Rates.

These are fixed rate
certificates of deposit
that are insured by
the Federal Deposit
Insurance Corporation
(FDIC). A minimum
opening deposit and
balance of $500.00
is required to obtain
the stated A.P.Y.

A.P.Y./

Call 338-7700
352-7700

Mann CERTIFICATE

5.25°l0 MREATT
5.35%

A.P.Y./ *

FIRST SECURITY

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Main Office
2600 Telegraph Rd.
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Annual percentage yield when compounded quarterly. Rate is accurate as of 8/12/94.

Penalty for early withdrawal from certificate accounts may he assessed.

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APPROACH page 50

Three months ago, the top
management of General Motors

took a look at several proposed in-
vestment sites. In June, a dele-
gation representing heavy-hitters
from several organizations — in-
cluding the KKR financial advi-
sory firm, Salomon Bros., and
Washington attorney Vernon Jor-
dan — toured the country on a
trip organized by Wall Street con-
sultant Jim Wolfensohn.
The chairman of Westinghouse
visited the following week; Bax-
ter International was nosing
around in mid-July; American
Home Products has scheduled a
visit in the near future; and Pfiz-
er pharmaceuticals may send a
delegation in October.
The mayor of Boston led a
trade delegation to Israel on Aug.
4, and the governor of Minnesota
will return in November with
many of the same business lead-
ers who accompanied him on an
exploratory visit in December.
One of those visiting again will be
Cargil, a Minnesota-based agri-
cultural trading company which
is already involved in several
R&D projects in Israel and is con-
sidering establishing its own
R&D center.
Although Israel is a tradition-
al favorite for high-tech industries
looking for foreign investment,
Mr. Meyuhas is actively trying to
encourage a wider diversity of
business investment, particular-
ly in the food and agricultural
fields.
He points out that the Arab
countries import more than $20
billion a year in food products, be-
tween 60 and 80 percent of their
total consumption.
With the advent of a regional
Middle Eastern economic enti-
ty, Mr. Meyuhas believes this will
present foreign companies with a
huge, virtually untapped con-
sumer market.
"This kind of activity could nev-
er have happened before (the
peace process)," Meyuhas states,
adding that few of these major
companies are making any firm
commitments until they see real
results from the peace negotia-
tions.
"All of them are checking it out.
They're waiting to see what will
develop politically, but they al-
ready see the potential," he says.
An initial flurry of foreign busi-
ness interest that followed the
Sept. 13 signing of the Declara-
tion of Principles tapered off at
the beginning of 1994, and de-
clined further after the Hebron
massacre in February.

Mr. Meyuhas says that from
September through early spring,
calls to his offices from interest-
ed American companies had dou-
bled.
"Since Hebron, interest has sta-
bilized somewhat, but it's still
there. Even though it was the ac-
tion of one lunatic, it had an ef-
fect that cannot be denied. But
the overall process of moving for-
ward is irreversible, and is con-
tinuing to develop more rapidly
than we all anticipated," he says.
Early this year, Mr. Meyuhas
was asked to be the economic li-
aison for Builders for Peace, a con-
sortium of American Jewish and
Arab business leaders seeking to
invest in joint ventures in Israel
and in the territories.

"Our old image still
lingers in the minds
of American
business leaders."



As a government representa-
tive, Mr. Meyuhas is constrained
from actually working with for-
eign companies that wish to in-
vest in territories that will fall
within the Palestinian au-
tonomous zones.
"In a way, we encourage it, be-
cause it's in our interest that
these regions develop economi-
cally," he says. "But we cannot be
formally involved. This must be
done by the Palestinian Nation-
al Authority."
How does this former CEO en-
joy his first foray into the gov-
ernment sector? Well, he says
with a smile, he won't make a ca-
reer out of it.
"I was ready to contribute what
I could, because this is a real per-
sonal mission for me, but prob-
ably return to my business when
I finish here (in 1995)," he says.
The practice of government en-
couraging business leaders to en-
ter public service temporarily and
add their expertise is one that
should be encouraged, he says.
"If Israeli businessmen and
women would be willing to serve
abroad for a year or two or three,
it would be a very important thing
for the country," he says.
"This is done much more in the
United States, where the presi-
dent calls upon business leaders
for their expertise. We should do
more of it, too." ❑

KUDOS

Find It All In
The Jewish News
Classifieds
Call 354-5959

G fora Meyuhas

Do you have an item for "Kudos?"' Please send it to Steve
Stein at The Jewish News, 27676 Franklin, Southfield, MI
48034. A picture would be appreciated. It can be color or black-
and-white, but it must be in focus. If you wish to have the pic-
ture returned, you must enclose a self-addressed, stamped
envelope.

N

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