Netanyahu to discuss concentration of ownership

Nochi Dankner: The Israeli economy is competitive and strong and there is no problem with concentration.

Prime Minister Benjamin Netanyahu will hold a special meeting tomorrow to discuss concentration of ownership in the Israeli economy. He will consider the formation of a joint committee on the subject with the Ministry of Finance, sources inform "Globes."

Among those participating in the meeting tomorrow will be Minister of Finance Yuval Steinitz, Governor of the Bank of Israel Prof. Stanley Fischer, Prime Minister's Office director general Eyal Gabbai, chairman of the Economic Council Prof. Eugene Kandel, and head of the Ministry of Finance's budget division Udi Nissan. Leading regulators will also be there including Capital Markets Supervisor Oded Sarig, Antitrust Authority head Ronit Kan, and Supervisor of Banks Rony Hezkiyahu.

This evening, the head of the Minister of Finance's economic advisory committee, Dr. Avi Simchon, is expected to meet with Steinitz to help him formulate a position on the topic.

The Ministry of Finance has been holding intensive discussions in recent months on this subject. But despite the need to present a united front, Simchon and Nissan are unable to agree on how to handle the matter.

Meanwhile Nochi Dankner, chairman of IDB Holding Corp. (TASE:IDBH), one of Israel's largest holding companies, has written to his boards of directors and CEOs about recent research into concentration of ownership in the Israeli economy.

Dankner wrote, "The findings of the research are unequivocal. There is no problem with concentration in the economy. On the contrary - the economy is competitive and strong, is characterized by good regulation and efficiency, and is at one of the best take off points ever for rapid growth."

He continued, "The strength of the economy at the present time has created a uniquely opportune moment to continue reforms, remove bureaucratic barriers and obstacles to doing business, and raise productivity and competitiveness. The way to stronger growth is, among other things, by encouraging capital investment, encouraging small businesses, and encouraging exporters. But first and foremost, we must bring back to the economy the atmosphere of supporting businesses and growth and the atmosphere of incentives for free enterprise. We must encourage the business sector and give it incentives."

Published by Globes, Israel business news - www.globes-online.com - on October 12, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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