THE JEWISH WORLD
THE ECONOMY
Israel and China compete for huge project
Israel and China are competing over the site of Intel Corporation's new chip plant. Intel will soon decide whether to locate the new plant in Israel or in China. Intel President Paul Otellini came to Israel this week to discuss the matter with Prime Minister Ariel Sharon and other people.
The meeting with Prime Minister Sharon was designed to examine the security problems involved in building the plant, as well the amount of assistance Israel is willing to give Intel for this purpose. Otellini said that Intel has been operating in Israel close to three decades and employs more than 5,000 workers. "I relate to Israel more as a home than as a growing market," he said.
A billion dollars worth of cannons for India
The Israeli company Soltam Ltd. reached the final stage of a gigantic arms tender - a $2 billion deal to supply cannons to the Indian army. Soltam and the Swedish company Bofors were the only two remaining contenders, after all the other competition was eliminated in the early stages of the competition. The Israeli-manufactured 155 mm. self-propelled howitzers are currently being tried out in one of the Indian army's units. The size of the tender will reportedly increase significantly, since winning the tender will result in the supply of additional artillery systems.
Chinese acquire Israeli company
The Chinese company Vitron has acquired the Israeli start-up company Comview Visual for $580,000. The Israeli company, which developed a digital display system for large commercial centers, went through a financial crisis last year and in October 2001 began receivership proceedings. The sale of the company was authorized in return for Vitron's promise to maintain some of the company's activities in Israel. The Chinese company even announced that it will set up a subsidiary in Israel and will exhibit Comview Visual's products at the Infocom exhibit in Las Vegas next month.
Large acquisitions in New York
Africa-Israel, the large Israeli construction company has acquired, together with a local businessman, two sites in New York zoned for construction, for $30 million. Africa-Israel will build hundreds of apartments and a commercial center with sales expected to total $150 million. Some of the apartments are intended for rent. This is Africa-Israel's first construction initiative in the US, and the first time that this company is entering the construction-for-rental market. The company is also active in Europe, where it is currently building a multi-story shopping center in Prague and an apartment and commercial center in Moscow.
Infrastructure for natural gas in Bulgaria
A group of Israeli companies including Dor Gas, Elran Infrastructure, and Africa-Israel, have signed a contract with the Bulgarian company Overgas, to provide the infrastructure for transportation and marketing of natural gas to three Bulgarian cities. The scope of the project is estimated at $15 million. Overgas is Bulgaria's first company to build a natural gas distribution infrastructure in these cities. 50% of the company is owned with the Russian company, Gazprom, the largest natural gas company in the world. The Israeli group will hold 34% of the project, Overgas, 50%, and the three local authorities 15%.
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