Canada and Israel signed an agreement in Ottawa recently which will open the way for Canadian firms and individuals to start or invest in business concerns in Israel.
Canada and Israel signed an agreement in Ottawa recently which will open the way for Canadian firms and individuals to start or invest in business concerns in Israel. The agreement was signed by Canadian External Affairs Minister Mitchell Sharp and the Israeli Ambassador to Canada, Dr. Theodore Meron. Later, Mr. Sharp met representatives of a Canadian Arab group who opposed Canada's aid to Israel.
The bilateral agreement on foreign investment insurance which the tow men signed will protect Canadian investors in Israel by insuring them against such risks as war, nationalisation of industry or even revolution. Mr. Sharp described the agreement as a stop towards improving economic relations between the two countries. Similar agreements have already been concluded between Canada and five other countries.
It's reported that the signing of the agreement will further irritate the 80,000-member Federation of Canadian Arab Societies. And on the same day that he signed the agreement with Israel, Mr. Sharp met a delegation from the Federation.
They complained about Canada's intention to loan Israel up to one hundred million Canadian Dollars (approximately 40 million Pounds Sterling) for projects that would be approved by the Economic Development Council. A spokesman for the group, Dr. Louis Azzaria, said after the meeting that such Canadian help was aiding what he called Israeli occupation and oppression in Arab territory.
The spokesman said he was glad that Mr. Sharp said he'd examine the possibility of increasing donations to UNRWA (United Nations Relief and Works Agency for Palestine Refugees in the Near East).