-Caveat Lector-

>From http://www.globes.co.il/serveen/globes/docview.asp?did=626925&fid=942

Bush issues public backing for Israeli economy

Source: Bush�s statement will strengthen Israel�s standing among the ratings agencies 
and
investment community.

Ran Dagony and Avi Weinreb  17 Oct 02   13:11

Prime Minister Ariel Sharon�s visit to the US has already paid dividends, after the US
Administration decided Wednesday to praise the Israeli economy in a very public forum.

On Wednesday, US President George W. Bush began a press conference by plugging the
Israeli market.

�We've just had a good discussion about peace and security, about prosperity,� Bush 
said,
after meeting with Sharon. �I first want to say that I understand that -- what terror 
has
done to economy. Terror has affected our economy; terror has affected the Israeli
economy. But we've got great confidence in the Israeli economy. We've got great
confidence in the Israeli people. The greatest asset Israel has is the brainpower and
ingenuity of her people. And I'm convinced that the economy will be strong.�

The statement, made at such a high profile event, may have been part of an effort by 
the
Israeli government to prevent a downgrade of Israel�s credit rating.

A source in the Prime Minister�s entourage told �Globes� he was convinced that Bush�s
support of the Israeli economy would strengthen the country�s standing among ratings
agencies and the international investment community.

Later, the White House Press Secretary went further, saying �The United States has a 
long-
term commitment to the security, well-being, and economic development of the state of
Israel.�

�We have watched the development of Israel's economy with admiration. We believe in the
fundamental strength of Israel's economy and have confidence in its long-term 
potential,�
the Press Secretary said in a statement.

�The foundation of Israel's economy is the ingenuity and entrepreneurial character of 
the
Israeli people. Over the last decade, Israel's economy has performed well, while
successfully integrating a wave of immigrants that increased its population by more 
than 20
percent.�

�Since the US-Israel Free Trade Agreement came into effect in 1985, Israel has become
one of the top destinations for US high technology investment and our bilateral trade 
in
goods has grown to $19.5 billion in 2001, making Israel our 20th largest goods trading
partner in the world and the biggest market for US exports in the Middle East.�

Published by Globes [online] - www.globes.co.il - on 17 October, 2002

Next article:
Trade gap with Europe widens; improvement versus US
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