Daily Israel Report

Israel to Help Russian ‘Silicon Valley’

Israel’s world-renowned Silicon Valley has won the Jewish state a new venture to help Russia duplicate its success.
By Tzvi Ben Gedalyahu
First Publish: 7/19/2011, 3:50 PM / Last Update: 7/19/2011, 5:24 PM

Yoni Kempinski

While the original Silicon Valley is in California, Israel’s world-renowned achievements in hi-tech created a local Silicon Valley which has won the Jewish state a new venture to help Russia duplicate its success.

Russian tycoon Victor Kesselberg visited Israel last week and met with Minister of Industry, Trade and Labour Shalom Simchon and Israeli financial and hi-tech leaders to announce the launch of the new project, which will include a modern high-technology park near Moscow.

Simchon, Minister of Industry, Trade and Labor, said that Russia wants to take advantage of Israel’s experience and success in the field.

Kesselberg is one of the 10 richest men in Russia, which wants to vary its economy. It is the world’s largest producer of oil and natural gas and the third largest exporter of aluminum. Using Israel's experience in technology also will help Russian-Israel trade, Simchon said.

Israel chalked up $2.5 billion in exports to Russia last year, a 30 percent increase from the previous year.

Kesselberg, an appointee of the Russian president to head a billion-dollar fund to advance hi-tech in Russia, met with financial leaders, researchers and heads of Israel’s hi-tech, with an eye on developing projects and exports in the fields of medical equipment, drugs, agriculture, green energy and communications.