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Hapoalim chairman sees great potential in Israeli-Arab sector

By GLOBES

MAY 11, 2011 16:15

"Israel's business sector is beginning to discover the great potential of the Israeli-Arab population and business community. It has greater growth potential than other communities, Bank Hapoalim chairman Yair Seroussi told the Arab Business Conference in Nazareth today.

Seroussi said, "Recent studies pointed to two factors, which I believe create opportunities. The first is the employment gap and standard of living gap compared with the general population, and the other is the encouraging and impressive narrowing of the education and skills gap. Add to this the fact that the Arab population in younger, and you have a field of potential growth."

Seroussi said that equalizing the income of Israeli Arab and Jewish men amounted to an addition potential of NIS 10 billion, and that full use of Israeli Arab women's labor potential would quadruple this potential from the current NIS 7 billion to NIS 28 billion. Modernization of Israeli-Arab businesses and managerial experience was boosting companies' turnover, requiring the need for growth capital, and raised issues related from the change of family-owned firms to public companies.

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