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Friday, November 09, 2007

Israeli Firms Reinvesting In Russia?

(Image Credit: AFI Development, via

One would think that with the previous relationship Russia has shown towards certain companies that Jewish businessmen (and women) would shy away courting the former USSR.

But it seems that relations between Jewish business owners and the Russian government are getting warmer, which may have to do with the fact that Israeli's are able to not only meet Russian market demands, but actually speak the language.

(Jewish Telegraphic Agency) Nevertheless, as Russia experiences surging demand in fields where Israelis have special expertise — including telecommunications, high-tech, medical devices and manufacturing — Israelis are accelerating the pace of their investments in the country.

Ehud Ganen, director of the Central and Eastern European Department of Israel’s Trade and Industry Ministry, said the large workforce of Russian speakers in Israel gives Israelis a great advantage.

"If you are going to enter the Russian market, you need to hire people who speak the language," he said.

Galai said, "Since we have so many Israelis who came from Russia, they understand the language and culture and have connections. It is much easier for them to make an investment."

Russian and Israeli ties have also been improving as of late, with each nation agreeing to remove visa requirements about two months ago.

While some may be weary of the "red bear," the increasing economic ties help cast some hope for both countries, as its hard to throw rocks at someone if they are improving your financial condition.

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