Israeli and Russian economic ties are getting warmer

900 Israeli companies are currently active in the Russian Federation, 12.5% more compared to 2004, an increase of 100 companies
 
Manufacturers Association president Shraga Brosh hosted yesterday a high ranking Russian trade delegation headed by Mr. Evgeni Primakov former prime minister and currently president of the Russian Federation of Chambers of Commerce and Industry.
 
During the meeting a cooperation agreement was signed with the liaison committee of Israeli economic organizations.
 
The Russian Federation of Chambers of Commerce has a membership of 20,000 companies and 100 business organizations and is known to be one of the most influential economic organizations in the Russian Federation.
 
Manufacturers Association president Shraga Brosh issued a press release prior the visit predicting that the cooperation agreement would double Israeli-Russian trade to $1.4 billion a year by 2010. He noted that exports potential to Russia include not only telecommunications and IT equipment but also agro-technology, chemicals and food processing, security and defense products, and engineering for energy, construction and metals.
 
Brosh also noted that 900 Israeli companies are currently active in the Russian Federation, 12.5% more compared to 2004, an increase of 100 companies.
 
Israeli exports, excluding diamonds, to Russia rose 30% in 2005 to $401.5 million, while imports from Russia rose by 8% to $262 million.