Israel-Russia Economic Protocol
(Communicated by Ministry of Industry and Trade Spokesman)

Jerusalem, January 27, 2000

Minister of Industry and Trade Ran Cohen and Interior Minister Natan Sharansky today (Thursday) 27.1.2000 signed with Russian Science Minister Mikhail Kirpichnikov an economic agreement protocol between Israel and Russia and completed the formulation for an agreement on standards.

The Industry and Trade Minister said at the end of the meeting that Russia has great commercial potential especially for Israeli business and that the Ministry’s staff would act to promote economic, investment and trade cooperation. "Political stability in Russia would improve and consolidate economic relations and cooperation between the two countries," he said.

In a separate meeting, Minister of Industry and Trade Cohen and Interior Minister Sharansky met Moscow Mayor Yuri Lushkov, who expressed his deep desire for Israeli investment in Moscow – an independent district that accounts for 40% of Russia’s budget. The Industry and Trade Minister offered to establish joint committees on the three issues raised in the meeting: A committee for the development of medical industry (including medicines and medical diagnostic equipment); a high-tech committee and a committee for small business applications Software to be set up by the Moscow Municipality and supported by the Israel small business network.

The high-tech committee would be chaired by the Ministry’s Chief Scientist and the EBRD would help invest in small businesses.