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IDI, Liberia foster bilateral economic cooperation

November 20, 2007

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Tel Aviv, Israel—Israel and the West African nation of Liberia have entered into an agreement that both countries hope will boost diamond business.

In a memorandum of understanding signed today at a ceremony in Tel Aviv, the Israeli Diamond Industry agreed to offer Liberia the services of its top diamond specialists while the Liberian government agreed to encourage economic cooperation between Israeli and Liberian diamond companies.

Israel Diamond Institute (IDI) Chairman Moti Ganz and Dr. Eugene H. Shannon, Liberia's minister of lands, mines and energy, signed the agreement.

The ceremony was held as part of Liberian President Ellen Johnson Sirleaf's visit to Israel; dozens of Israel's diamond industry leaders attended.

Ganz, noting that Liberia's "future is filled with diamonds," said the agreement allows Israel to create significant ties to Liberia's emerging diamond trade and to help the country create the infrastructure for a stable industry.

IDI Managing Director Eli Avidar said the agreement is a reaction to the rapid changes taking place in the industry and is part of the IDI's overall strategy to strengthen its relationships with diamond-producing countries worldwide.

"It is, we hope, the first of several such agreements," he said. "These steps will make an important contribution to the expansion and further development of the Israeli Diamond Industry and will increase our presence throughout the world diamond market."

The Israeli Diamond Industry's third International Rough Diamond Conference is scheduled for Feb. 11-12 in Tel Aviv. Many African leaders are expected to attend the conference, as well as heads of mining companies from around the world.
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