Israeli Minister Heads to Russia to Discuss Trade, Diamonds

Israeli Minister of Industry, Trade and Employment, Ehud Olmert, is heading this week to Moscow to discuss bilateral trade and increased economic cooperation between Israel and Russia. Increased rough diamond supply to Israel is one of the central topics on the agenda.

Olmert, who is also Deputy Prime Minister, will be accompanied during the three-day visit by a delegation of 35 people, including diamond dealer Lev Leviev, who  serves as the president of the Israel-Russia Chamber of Commerce.

The mutual economic committee will convene during the visit to discuss ways to promote trade between the two countries.

According to the Israeli ministry, the main topics on the agenda are increased cooperation between communications companies, advancement of joint industrial research and development, rough diamond supplies and the deepening of economic agreements between the two countries.

Trade between the two states stood at $1.3 billion in 2004. During the first quarter of the year Israeli exports increased 60 percent to $110 million, mostly communications and hi-tech equipment, plastics and food.

During the same period, Russian exports to Israel doubled to $300 million, mostly raw materials and metals.

Last year Israel imported 27,932,928 carats of rough diamonds valued at   $5.15 billion, but how much of this was imported from Russia is not officially published.