Manufacturers claim Cast Lead cost industry nearly NIS 90m

Manufacturers Association: This figure does not include indirect financial losses, which it estimates at several tens of millions of shekels.

18 January 09 16:58, Adrian Filut and Hadas Magen

The Manufacturers Association of Israel estimates the cost to industry of the 23-day Operation Cast Lead at NIS 88 million in direct losses. The figure includes losses by enterprises in the area affected by the operation, mostly due to absenteeism.

The Manufacturers Association said that 1,700 enterprises, employing 39,500 people, were within range of Hamas rockets fired from Gaza. Reports by enterprises from the start of the operation until yesterday's unilateral cease-fire by Israel, indicate that enterprises within 10 kilometers of Gaza, had absentee levels of 40-60%. Absenteeism reached 90% of employees at some companies.

The Manufacturers Association said that its figure does not include indirect financial losses, which it estimates at several tens of millions of shekels.

1,728 claims for compensation for damages related to Operation Cast Lead have already been filed with the Property Tax. Most of the claims were filed by residents of Ashkelon and Ashdod.

Published by Globes [online], Israel business news - www.globes-online.com - on January 18, 2009

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