ERHARD

wide-ranging gamut of economic
regulations.
Companies will pay no taxes,
except for a flat 15 percent on
profits repatriated out of the zone.
How much will this cost Israel?
Mr. Yerushalmi insists that it will
cost little more than most foreign
investments in the country,
which are heavily subsidized by
the government.
Where the Israeli tax collector
will benefit is from the payroll
taxes, because workers in the
zone will be taxed just as any oth-
er Israelis.
And employment is what the
zone is about.
For the Israeli legislators who
signed on to the idea, Mr.
Yerushalmi talks of 15,000 peo-
ple being employed when the
zone completes its first stage of
development, in about two-and-
a-half years.
And he predicts an additional
three jobs created outside the
zone for each job created inside
it.
"That's an enormous benefit"
in a country where double-digit
unemployment translates to
around 150,000 people looking
for work, said Mr. Yerushalmi.
Already, he said, the company
has begun seeking potential con-
struction workers among Russ-
ian Jews who have not yet made
aliyah to Israel.

And an employment firm,
which has been signed up to
make available hiring and pay-
roll services to zone tenants, has
begun retraining Russian engi-
neers and software developers to
meet Western standards.
Mr. Yerushalmi believes the
quality of the Israeli labor force
is a major selling point for the
zone.
"It's a work force that is as
sharp and as good as in Silicon
Valley," said Mr. Yerushalmi, re-
ferring to the high-tech zone in
Northern California, "but much
less expensive and less mobile."
For Mr. Yerushalmi, the pro-
ject has ramifications not only for
the well-being of Israel, but for
that of the American Jewish com-
munity as well.
'We've been able to pull a
group of men together who have
always found it in their hearts
and time and pocketbooks to sup-
port Israel as a charity case," Mr.
Yerushalmi said.
"We've been able to turn their
perspective, to say: 'Israel does
have an enormous potential; it's
another one of those incredible
emerging markets, that if it's just
dealt with properly, could become
an absolute gold mine.'
"I would venture to say, in-
vesting in the free export zone
will be the next major mode to re-
late to Israel," he said.

LEADING ISRAELI STOCKS
TRADED ON U.S. EXCHANGES

Symbol Name

Exchange

Sept. 2

Sept. 9

Change

SCIXF

Scitex

NASDAQ

'19.13

5

21.38

+$2.25

ECI LF

ECI Telecom

NASDAQ

$17.75

'18.25

+$0.50

TEVIY

Teva Pharm

NASDAQ

'28.50

'29.25

+$0.75

I EC

PEC Israel

NYSE

$27.38

'28.75

+$1.38

ELBTF

Elbft Computers

NASDAQ

'25.00

$27.00

+$2.00

ELT

Elscint LTD

NYSE

'2.50

'2.50

'0.00

ELRNF

Elron Electronics

NASDAQ

'10.75

'11.88

+$1.13

TAD

Tadiran

NYSE

'22.38

'23.13

+$0.75

CMVT

Comverse

NASDAQ

'10.13

'10.13

+$0.01

LANTF

Lannet Data

NASDAQ

'9.25

'9.50

+$0.25

ISL

First Israel Fund NYSE

'14.50

'14.38

-$0.130

Source: Allen Olender, Prudential Securities,
West Bloomfield.

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