The Israel Lithuania Technology Hub (ILTH) is a platform, a forum which was formed by and is part of the Israel Lithuania Chamber of Commerce and Industry, the ILCCI.  The Chamber is a nonprofit organization (an "Amuta"). The prime target of the Hub is to promote economic growth and technological innovation in Israel and in Lithuania, by creating strong partnerships between the two economies. 

 

Israel is a phenomenal source of innovation with more start-ups per capita than anywhere else in the world. Given Israel's small size, most Israeli companies need foreign cooperation, whether for capital, business and/or product development, as well as access to global markets.

 

Lithuania is an ideal partner for Israel with a long history, similar cultural backgrounds, relative proximity, improved access and transport routes and market access to Europe, Lithuania is targeted as a prime technology partner for Israel. It is a preferred market in which investments can be made, start-ups promoted and is an ideal launch pad into the EU as a whole. Lithuania has an excellent wealth of talent and skilled labor which is cost effective, an interesting geopolitical position bridging Eastern and Western Europe, an understanding of cultures and access to Russia, the CIS markets and of course EU membership, as well as complementary strengths in technology emerging out of excellent academic institutions.

 

Both countries will therefore be taking full advantage of the assets each can deliver: Israeli excellence in innovation, R&D and advanced technologies combined with Lithuanian talent, innovation, skilled labor, local and EU economic incentives and access to markets.

 

The goal of creating an Israel/Lithuania partnership in technology is supported by both governments, via their investment and international cooperation organizations. The Hub's creation followed statements made by both governments in relation to their desire to grow cooperation and mutual investments in the fields of high-tech and innovation and the signing and creating of a joint R&D fund by MATIMOP and MITA. The ILTH and MITA have signed an MoU, providing for such cooperation.