Trade Volume between Russia and Israel Exceeds US$5 Billion in 2019

January 29, 2020

2 min read

The trade volume between Russia and Israel in 2019 exceeded US$5 billion – the second year in a row this indicator rises above pre-crisis levels. This was reported late last week by the co-chair of the Russian-Israeli inter-government committee on trade and economic cooperation, Minister Zeev Elkin. Elkin made this announcement at the “Russia-Israel” business dialog forum organized by the Israeli-Russian Business Council in Jerusalem. The event was attended by Deputy Minister of Economic Development of Russia, Azer Mutalim ogly Talybov, St. Petersburg Governor, Alexander Beglov, Chair of the Israeli-Russian Business Council, Temur Ben-Yehuda (Khikhinashvili), CEO of the Israeli-Russian Business Council Kathy Dan, representatives of Teva, Mobileye, Watergen, Baran Group, and other prominent Israeli companies as well as Chair of Russian-Israeli Business Council Oleg Babayev and a Chair of Israel-Russia Chamber of Commerce Anna Moshe.

“Our trade volume, at least, according to the Israeli system, both in 2018 and 2019 exceeded US$5 billion. And, if for many years we were just below the US$4 billion mark and could not return to the pre-crisis level of US$4 billion, in the last two years we not only got back to that level, but also exceeded it,” Elkin said. Deputy Minister of Economic Development of Russia, Azer Mutalim ogly Talybov, told that at the meeting the parties discussed the question of opening a green corridor that will allow to “efficiently solve any issue related to goods crossing the border, which involves the necessary optimization and acceleration of procedures.”

“We consider economic cooperation to be the most important aspect of Russian-Israeli relations. Making sure this cooperation continues to be strong at the highest level involving government agencies and the business community is key to a long-term mutually beneficial partnership between the two countries. Just recently, we on behalf of the Israeli-Russian Business Council signed an agreement with the city government of St. Petersburg, and today we are honored to welcome the leadership of Russia’s northern capital in Jerusalem,” said Chair of the Israeli-Russian Business Council, Temur Ben-Yehuda (Khikhinashvili).

St. Petersburg Governor, Alexander Beglov, pointed out that the city is interested in attracting Israeli investment and opening joint ventures. A representative of the St. Petersburg legislature, Vyacheslav Makarov, called on Israeli business leaders to actively develop mutually profitable contacts with St. Petersburg companies, especially in hi-tech.

“We are particularly interested in scientific research that would advance manufacturing and create new jobs. We already have great relations in IT, medicine, pharmaceutical business, city public transit management, construction, and other areas,” Beglov remarked following his meeting with the representatives of the Israeli business community.

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