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  Friday, October 18, 2019
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Trade between Russia and Israel may reach $5 billion in the next five years
Israeli Minister of Industry and Trade Ehud Olmert told it a session of an intergovernmental commission on economic cooperation. He said this volume was "a modest assessment of the two countries' capabilities." Russian IT and Communications Minister Leonid Reiman, who co-chairs the commission, said bilateral trade had grown by 32% in 2002-2004 to reach $1.64 billion. Reiman said the current figures did not reflect the true potential of Russia and Israel. He said Russia was not satisfied that raw materials dominated its exports to Israel. The minister said bilateral cooperation could dynamically develop in telecommunications, information technology and the diamond business. Reiman said Russia wanted to boost cooperation in high-tech research and developments, as well as in agriculture and transport. Israeli businessmen spoke about their projects in Russia. They said 10 Israeli banks were working well in Russia. They added there were could prospects for cooperation in the production and trade of diamonds, as they said they believed bilateral trade could be increased from $600 million to $800 million. The businessmen said cooperation in satellite communications and digital equipment production needed to be expanded as well.
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