Israel-America Chamber of Commerce

The Chamber has organized a meeting with Mr. Robert M. Kimmitt, U.S. Treasury Deputy Secretary, for Israeli business leaders on December 6, 2007. The meeting was hosted by Herzog, Fox, Neeman law firm.
Followed by a brief introduction by Ambassador Zalman Shoval, President of the Chamber, Mr. Kimmitt expounded on the process and problems involved with investing in the United States. He noted the importance put upon trade in recent years and a need to focus on investment, as well.
He first commented on the global perceptions of investing in the U.S.. Based on the press surrounding two controversial deals, Cnuk (a Chinese oil company) and Dubai Ports World, international corporations have been wary of putting their money in U.S. markets. Mr. Kimmitt dismissed these concerns and emphasized the willingness and openness for foreign investment, "not only are we open to investment but we seek foreign investment."
Additionally, he provided some guidelines for setting up business deals within the U.S. He recommended that a company should build up strong ties with relevant congressmen, governors, state representatives, etc. while pursuing any business developments. This will be beneficial if one encounters issues down the road. He also invited those with queries, comments, or concerns to arrange a pre-filing consultation with a representative from his office or the relevant department. Lastly, he advised Israelis to approach the situation with "a problem solving mentality."
The Committee on Foreign Investment in the United States (CFIUS) handles all of the approvals for investment. He clarified that the main objective of the committee is for national security. Filing with CFIUS is a voluntary process however it aids in the prevention and debasement of any judicial, legal, or other problems one might face.
Mr. Kimmitt also gave a list of ways to avoid complication. He suggested divulging all information prior to investment as not to keep any surprises. He also explained that bad relations with one U.S. department will not be fixed through CFIUS and should be dealt with prior to applying to CFIUS for approval. Lastly, he recommended that all companies are within compliance and pursue a level of compliance initiated and maintained within the corporation.
While in the region, Mr. Kimmitt also travelled to the Persian Gulf. He mentioned the U.S. policy regarding Iran and the latest developments with President Ahmadinejad. Participants included senior managers from Bank Leumi; BATM Advanced Communications; Gilat Satellites; Elbit Systems; Gallery IP Telephony; Israel Aerospace Industries; Markstone Capital Group; Mifram Projects; Rafael; UMI; Y. Ben Dror Law Firm;  the Israel Export and International Cooperation Institute and the Israel Association of Electronics & Information Industries.