Alex. Brown chief bullish on Israel despite violence

October 02, 1996|By Bill Atkinson | Bill Atkinson,SUN STAFF

Alex. Brown Inc. Chairman and Chief Executive A. B. "Buzzy" Krongard is still bullish on Israel, despite the recent surge in violence that threatens to upset peace negotiations, he told a group attending the Maryland/Israel Development Center in Baltimore yesterday.

The reason: Israel has a highly educated work force and the country has a burgeoning technology sector that experts believe has the potential of becoming another Silicon Valley.

"There is great market demand for Israel's products," Krongard said. "Israel has the brain power. Its human capital is exceptional."

The Maryland/Israel Development Center was started in 1992 as a nonprofit group to form business partnerships between Maryland and Israeli companies.

Just last week, the Baltimore-based investment banking and brokerage firm took Orckit Communications Ltd. public. Tel Aviv-based Orckit makes systems that enable telephone companies to provide high-speed voice and digital transmission.

Krongard said working around the fighting between Israelis and Palestinians is a part of doing business in the Middle East.

"We are a player," Krongard said after his address.

Krongard and Mayo A. Shattuck III, Alex. Brown's president and chief operating officer, met in May with the country's business leaders and politicians, including then-Prime Minister Shimon Peres, to broaden business ties with Israel's high-technology and health care executives.

The meeting with Peres was arranged through Giza Group, one of Israel's leading private investment banking firms.

Pub Date: 10/02/96

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