"We are experiencing a low point in the economic situation in the
region. Human engagement and economic coordination would overcome the
current enmity. When that happens massive economic aid of the Marshal
Plan type will be available for the region," stated keynote speaker
Dr. Samuel Pisar internationally acclaimed author who was nominated
for the Nobel Peace Prize in 1974.
Culierman & Co., hosts of the conference have played a leading role
in obtaining financing in Europe for Israeli companies. "Over the
past ten years we have raised $500m. in finance for Israeli companies
and we have taken part in a number of IPOs of the 34 Israeli
companies that trade on European markets," stated Edouard Cukierman,
chairman of the investment house in Israel.
"You have lost money in the past six months. Our stock exchange has
appreciated by 50% in that time." Finance Minister Benjamin
Netanyahu, chided the overseas visitors. The finance minister listed
a number recent achievements that make Israel worthy of investment at
this juncture.
"In the past six months we have raised $750m. on the international
capital markets at the lowest interest rates possible. We expect a
modest rate of growth, of 1% this year but growth at a considerably
faster rate in 2004. We privatized El Al Israel Air Lines and saw
the shares appreciate sharply on the Tel-Aviv Stock Exchange We will
privatize the oil refineries, the water works, the banks and the
ports and will use the El-Al model for selling off these holdings.We
are about to embark on a rapid railway system.connecting all cities
with a population of 50,000 or more. A new railway in the southern
part of the country will provide a link to the Mediterranean for
freight reaching the Gulf of Eilat, said Mr. Netanyahu. Unemployment
has recently reached the 11% level, but the Finance Minister said
that he expected it to level off in mid-2004 and then to drop The
deunionization plan is still ahead. Another plan to be put into
effect is the Wisconsin Policy, to induce people to return to the
workforce, Netanyahu said, adding the public has shown acceptance of
the reforms the
treasury is spearheading. "If we pursue these
steps, tax on labor and on corporations will
drop," he promised.
Mr. Netanyahu predicted that a major foreign investment would be
announced shortly. Later in the day Intel announced its plans to
invest up to $600 million in upgrading its Kiryat Gat manufacturing
facilities. Intel will submit an application for $120 million in
grants - 20 percent of the planned investment - to the Industry and
Trade Ministry's Investment Promotion Center.
The fall conference season opened with a sellout as the fifth annual
Go4Europe conference attracted 500 participants, among them 150 from
overseas, mostly from Europe, The conference was held on November 9
at the Tel-Aviv Hilton.