"Improving the conditions of the Arab population is one of the key issues on the contemporary national agenda. The economic figures of the Arab population demands active government intervention," said Bank Hapoalim Business Division manager Shimon Gal at a conference on the Israeli-Arab community in Nazareth today.
Gal added government investment in Israeli-Arab economic development would generate very high returns.
Gal noted that Arabs constitute 20% of Israel's population, but only 8% of its GDP. "The main economic problem in the Arab community is caused by its low participation in the workforce, which is 40%, compared with 60% in the Jewish community. The difference is mostly due to the low participation of Arab women in the workforce.
"This is a wide gap, but I believe that the right policy measures can achieve a more effective use of the inherent economic potential of the Arab community and rapidly boost its level of income."
In the past year, Bank Hapoalim (TASE: POLI) has expanded its activity in the Israeli-Arab community, opening six new branches as part of its Hapoalim Express program. The branches are in the Negev Bedouin town of Rahat, and in Khura, Yefiyeh, Tamra, and Yarka in the Galilee, and in the Druze town of Issfiyeh on Mt. Carmel.
Published by Globes [online], Israel business news - www.globes-online.com - on April 13, 2010
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