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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