Net private-sector foreign investment hit $1 billion in Jan-Sept

Sum equalled the average annual figure over past three years
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Net direct foreign investments by the private sector, not including banks, totaled $1 billion in the first nine months of this year, the Bank of Israel said on Wednesday.

This equalled the average annual figure over the past three years, the central bank said in a statement.

The rise has continued despite the domestic and global economic slowdown and indicates the continuing rise in foreign investments compared with the average annual $300 million Israelis invested abroad at the start of the 1990s, the bank said in a statement.

The foreign investments illustrate the importance Israeli investors attach to long-term investments, the bank said.

The $2.8 billion invested abroad last year was not typical of the rising trend of the past decade since it was due to Israeli companies' high share prices abroad that enabled them to acquire foreign firms in large deals via share swaps, the bank said.

Deals of this kind carried out by firms in the electronics, communications and chemicals sectors totaled $1.3 billion in 2000, the bank added.