Lynn: the acquisition of Iscar by Warren Buffett puts Israel on the investment map

Iscar, one of the world's largest (by sales) manufacturers of carbide industrial-cutting tools is the first business Buffett's firm purchased outside the US
 
Following the largest ever buy-out of an Israeli company by the American investor Warren Buffett, who paid $4 billion for an 80% stake in Iscar Metalworking Co., the president of the Federation of Israeli Chambers of Commerce, Mr. Uriel Lynn said that 2006 will no doubt be a record year for foreign investment in Israel.
 
Lynn added that the acquisition of Iscar, owned by the Wertheimer family, puts Israel on the international map for investments. Lynn believes that Buffett's investment will have a ripple effect on the Israeli economy and will increase economic growth.
 
Iscar, one of the world's largest (by sales) manufacturers of carbide industrial-cutting tools, which are used by carmakers like GM and Ford, is the first business Buffett's investment firm, Berkshire Hathaway - which has a market capitalization of $135b. - has purchased outside the US.
 
Lynn added that Israel has the fastest growing economy in the West, with a rate of over 5% last year. Israeli stock markets are at an all-time high. In addition, the high tech industry has weathered the intifada, and in the last 5 years doubled the relative market share of venture capital markets.