Vishay Electronics has temporarily stopped its plans to construct a
facility in Jordan for manufacturing electronic components, the president of
Vishay Israel, Marc Zandman conveyed.
The plans to build the new electronics factory were originally made in
partnership with Omar Saleh of Jordan's Century Investment Group.
The recent deterioration of the security climate has raised questions about
the stability of joint ventures between Israel and its neighbors. Israeli
entrepreneurs fear that an escalation of hostilities in the territories
would create pressure to close these joint ventures. As a result of the
recent escalations in violence, several Arab nations have called for the
cessation of all economic cooperation with Israel.
However, Vishay Electronics does not acknowledge that the instability caused
the plan's deferral, Ha'aretz reported. "There is no connection at all
between the security incidents and our investment plans in Israel," Zandman
stressed. "On the contrary, we are urging the Industry and Trade Ministry to
expedite its handling of these [plans]," he added.
We were close to the end of the planning stage of the project and at the
last moment put it on hold, until we feel sure," Zandman explained. Zandman
added that Vishay will maintain contact with Saleh and reactivate plans to
build the facility when the situation stabilizes.
We're not in a hurry. We'll take our time until we don't have to wonder
whether the employees will report to work or if there will be attacks
against the factory," Zandman said.
Saleh, a Jordanian entrepreneur, was one of the first Jordanian
businesspeople to organize and taken on joint ventures with Israel following
the signing of the Jordan-Israel peace accord. Saleh expressed his
conviction that other high-tech companies would follow Vishay's lead and
help realize King Abdullah's vision of developing a high-tech industry in
Vishay Intertechnology, Inc., is the largest U.S. and European manufacturer
of passive electronic components and a leading producer of discrete
semiconductor components. — (Albawaba-MEBG)
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