Thank you Yoram for your contribution in making Israel a world leader in the high-tech industry. I am so happy to be here for the Second Hi-tech and Venture Capital Conference with the best and the brightest in Israel and the U.S. Your innovativeness, your entrepreneurship and business acumen have helped our two nations withstand the difficult challenges we face today and better position us for a secure and prosperous future.

It is also my privilege to share this podium with Chemi Peres and the Honorable Alan Havesi, NY State Comptroller, and inspiring leader and a true friend of Israel.

This conference is very important and very timely. It capitalizes on a proven track record of successful cooperation between our 2 countries in research and development and business partnerships - making Israel the largest trading partner of the US in all of the Middle East, with nearly $20 billion traded annually.

Israeli government appreciates and supports American investments in Israel, especially in cutting-edge technologies, which are Israel's number one export. The business partnership between Israel and the U.S. is a natural fit. We enjoy a free trade agreement, the first ever signed by the U.S. with another country. We have many bilateral treaties, such as the prevention of double taxation, and we have a shared ethic of business practices and a can-do spirit.

Israel has the highest per capita scientists in the world at 135 per 10,000. The U.S. ranks second at 78, Japan at 75, Germany at 58. In addition, Israel has one of the most highly educated workforces in the world. Israel is one of the largest centers for start-up companies, benefiting from our ability to create technologies and products suited to multinational companies competing in today's global economy.

Israel has the highest number per capita of multinational technology companies in the world, including IBM, Microsoft, Intel, Cisco, HP and others.

Here is Israel's pledge to you: We will continue to encourage investment in Israel, and especially US/Israeli partnerships, by enhancing the friendly environment through more deregulation, more privatization and more competitive input. We see the results already. Our GDP is up 4% in 2004. Our exports are up 11-½ % and our tourism is up 62%, indicating the confidence in our country. So come to Israel. You will get a very warm reception. I look forward to seeing you there.