For Immediate Release
Office of the Press Secretary
October 16, 2002
Statement by the Press Secretary
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 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 U.S.-Israel Free Trade Agreement came into effect in
1985, Israel has become one of the top destinations for U.S. 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 U.S. exports in the
Middle East.
The United States has a long-term commitment to the security,
well-being, and economic development of the state of Israel.
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