News

Press Release

26.10.2009

Israeli-Lithuanian Chamber of Commerce Will Provide Mutual Economic Cooperation

The Israeli-Lithuanian Chamber of Commerce, which was set up in the middle of October, will focus on re-energising economic relations between Lithuania and Israel. Professor V. A. Bumelis was elected the president of the association.

All companies registered in Lithuania and interested in business development in Israel as well as Israeli companies having business in Lithuania are invited to become members of the Chambers. Also companies interested in encouragement of economic cooperation between Israel and Lithuania are welcome to participate in the activities of the Chamber

According to the Israeli Ambassador in Lithuania, Chen Ivri Apter, “there is a lack of active economic exchange between Lithuania and Israel. In 2008 mutual export and import only amounted to 70 million dollars. We hope that the Chamber of Commerce will trigger actions, helping to increase the appeal of Lithuanian economy to the business community of Israel, increase the volume of investments and re-energise other areas of mutual economic relations”.

Professor V. A. Bumelis, the president of the new association and the company executive of Sicor Biotech/TEVA, says that the association will be instrumental to developing Lithuanian-Israeli economic cooperation further. “Our main goals are to encourage business relations between Israel and Lithuania, to help individuals to set up, develop and build-up a business in both countries; and to encourage the cooperation between the business communities of both countries”, says the president of the association. According to him, the Chamber of Commerce will be able to achieve those goals by undertaking such activities as the organisation of joint business events, keeping lines of communication open among the countries’ entrepreneurs, market research, following the release of legislative acts, etc.

Professor V. A. Bumelis says that he will also use his own experience in organising the Chamber of Commerce activities – Sicor Biotech, a biotechnology company run by him, is one of the companies, carrying out exchanges with Israel in the field of high technologies. Medicines, produced by TEVA, the managing company of Sicor Biotech and an international generic medicines company, established in Tel Aviv, are sold to Lithuanian consumers. Company is investing into the development of modern technologies of biopharmaceutical products in Lithuania as well.

Lithuanian companies also export mechanical equipment, minerals, food products, agricultural produce, etc to Israel. The predominant industries, importing produce from Israel to Lithuania, are also food, agricultural, machine devices, chemical and textile industries.

The founders of the Israeli-Lithuanian Chamber of Commerce believe that there are other areas, which both countries’ investors should pay more attention to, such as, for instance, high technologies, which have a great impact on many business areas in Israel; the potential for Lithuania lays in IT and biotechnologies spheres. Thus, the high technologies field is one of the economic sectors, which can produce an effective mutual cooperation.

The analogous Israeli-Lithuanian Chamber of Commerce was established in the capital of Israel Tel Aviv. The chairman of the Chamber Len Judes is one of the initiators of the establishment of association in Lithuania.

Additional Information:

Lithuanian companies with the largest number of direct investments from Israel. 01.04.2009*

The allocation of direct Israeli investments according to the field of economic activity (million Litas). 01.04.2009*

* The data was collected from the Department of Statistics to the Government of the Republic of Lithuania