Ariav: Israel's capital market can be among world top ten

"The Israeli economy has demonstrated that it can do amazing things," the Finance Ministry chief told the "Globes" Capital Market Conference.

2 June 08 15:17, Yossi Nissan

"We obtained very good first quarter figures. Growth was 5.4%, exports rose by 12.6%, and tax figures are under control. We collected NIS 16.9 billion in taxes, compared with NIS 16.2 billion in the corresponding quarter," said Ministry of Finance director general Yarom Ariav at the "Globes" Capital Market Conference today.

Ariav noted, "In the future, I foresee a more developed capital market, which attracts foreign investment; a market that can also export financial services all over the world. We can make the Israeli market one of the top ten markets in the world.

"The Israeli economy has already demonstrated that it can do amazing things. The idea is to set a goal and reach it."

Ariav added, "What happens in the world affects us, and we'll be affected even more, but in 2008 there will be no substantial deviation in growth compared with the Ministry of Finance's forecasts.

"The impact of the global crisis on the Israeli economy has been moderate. We're seeing growth, but it will be less in the coming months. We should find hedge tools in the right dosages. This does not mean that we're complacent. We're monitoring global developments in order to minimize the adverse effects and to strengthen the positive aspects of the Israeli economy."

Published by Globes [online], Israel business news - www.globes-online.com - on June 2, 2008

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