The Israeli-Lithuanian Chamber of Commerce, which was launched in Tel Aviv in the middle of October, will focus on attracting and boosting economic relations between Lithuania and Israel.

"There is a lack of active economic exchange between Lithuania and Israel. In 2008 mutual export and import only amounted to $ 70 million," said Israeli Ambassador in Lithuania, Chen Ivri Apter. "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".

The Chamber elected Professor V. A. Bumelis, company executive of Sicor Biotech/TEVA, as its president.

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

Professor V. A. Bumelis, said 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", said Professor V. A. Bumelis.

The Chamber of Commerce will undertake 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 said 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. The company is also investing into the development of modern technologies of biopharmaceutical products in Lithuania.

Lithuanian companies export mechanical equipment, minerals, food products, agricultural produce, etc to Israel. The predominant industries, importing produce from Israel to Lithuania, are 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 lies in fields of IT and biotechnologies. 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 Tel Aviv. The chairman of the Chamber Len Judes is one of the initiators of the establishment of association in Lithuania.

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

1. UAB SHILAT
2. UAB FRAGMEN
3. UAB SICOR BIOTECH
4. UAB HPC SYSTEM
5. UAB HERSTĖJA
6. UAB ARTALI
7. UAB ASANA
8. UAB RE/HOUSE
9. UAB OPTIMATA
10. UAB ALIUMARAS

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