MOSCOW, March 9 Russian Direct Investment Fund (RDIF), Russia's sovereign wealth fund, and the Israeli investment company LR Group have agreed to co-invest $100 million into dairy farming and milk processing in Russia.

The sum represents the first phase of joint investment for which regional projects are already being analysed, a statement from RDIF said.

A global oil slump in recent years, western sanctions and counter sanctions have pushed Moscow to work towards diversifying its resource-based economy.

Russian and Israeli cooperation in agriculture was earmarked as a priority during Israeli Prime Minister Benjamin Netanyahu's visit to Moscow on Thursday.

"Adaptation of the best technologies and creation of vertically integrated regional dairy clusters will significantly increase milk production," Ami Lustig, CEO of LR Group Israel, said in a statement. (Reporting by Dasha Afanasieva; editing by Katya Golubkova)

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Russia, Israeli firm agree to invest $100 mln in Russia's dairy industry - Reuters