Defense cuts could cost 5,000 jobs

The Israel Manufacturers' Association warned on Sunday that a NIS 1 billion cut in the government's defense budget for shekel-denominated purchases in the local industry would lead to the closure of between 100 to 150 factories and the loss of 5,000 jobs mainly in the periphery.

By SHARON WROBEL
November 20, 2006 08:59

 
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The Israel Manufacturers' Association warned on Sunday that a NIS 1 billion cut in the government's defense budget for shekel-denominated purchases in the local industry would lead to the closure of between 100 to 150 factories and the loss of 5,000 jobs mainly in the periphery. Ahead of today's conference on the Israel Defense Industries, Shraga Brosh, president of the Association, said that the local defense sector's purchases from Israeli industry were the most important public relations engine for promoting export growth in the industry. Annual defense exports total about NIS 4b.

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