"The decision by the OECD to add Israel as a member of the organization is an important milestone in Israel's integration into the global economy, and reflects Israel's commitment to comply with advanced international standards," said Governor of the Bank of Israel Prof. Stanley Fischer in response to Israel's accession to the OECD.
Fischer thanked OECD Secretary General Angel Gurria and OEC director of legal affairs Nicola Bonucci, who oversaw Israel's accession process.
Fischer added that Israeli membership in the OECD would strengthen investors' confidence in the standing of the Israeli economy and should encourage investment. He praised the OECD's reports on Israel and expressed the hope that the OECD would help promote reforms in Israel, including in the education system, participation in the labor force, narrowing inequality, and environment enforcement. He also thanked the OECD for uncovering bureaucratic obstacles through its business friendliness index report.
Fischer praised the OECD's expertise on the financial sector, and noted that there are international equity funds that only invest in OECD member states. Israel's accession to the organization will therefore expand investment opportunities in Israeli government bonds and in the economy.
Published by Globes [online], Israel business news - www.globes-online.com - on May 10, 2010
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