“When it comes to Israel Relations, New Jersey is very unique. Out of all 50 states in America, we are the only one that has an office working exclusively with Israel and that is the New Jersey – Israel Commission” said Andrew H Gross, the Executive Director. The Commission, which is part of the New Jersey Department of State, was established in 1989 with the aim to foster economic, scientific, educational and cultural ties with the State of Israel.
Gross believes that New Jersey and Israel are not just similar when it comes to size and population, but the economies, cultures and societies are very well aligned too. “We both have innovation economies with a lot of technology and many leading global companies. In addition, the connection between our communities is allowing an incredible rate of exchange between us” he explained. Indeed, New Jersey has one of the largest Jewish communities in the world and this has helped accelerate investment and business from Israel, as New Jersey, out of all Northeast states, receives the second most foreign direct investment from Israel, with New York being number one. “I understand why New York, based on its size, is the top recipient of Israeli investment, but for New Jersey to come second it’s a huge achievement.”
Collaboration with Israel is based mainly on Innovation and Technology and this is being further split into two sectors; private and academic. “The agreements that we’ve signed over the past year and a half have really been transformational, especially in the academic field between leading universities from both sides. Collaborations in the private sector are expected to follow and I think Cybersecurity and Maritime Innovation, particularly addressing the logistics challenges the world is facing, will be interesting sectors to watch.”
|NJ-ISRAEL TRADE STATISTICS||2020||2021||+/-|
|Trade Volume||US $1.33 billion||US $1.55 billion||+16.2%|
|NJ Exports to Israel||US $325 million||US $461 million||+41%|
|Israeli Imports to NJ||US $1.01 billion||US $1.09 billion||+8%|
|Ranking of Israel among NJ’s export partners||24th||22nd||+2 places|
New Jersey sees Israel as one of its top business partners and the potential for 2022, especially as both states exit the COVID19 pandemic, is enormous. “We returned last November with Choose New Jersey from a very successful visit to Israel where we met with leading entities and signed many agreements. It was a pleasure to see that there are a lot of companies from Israel that are really interested to move to New Jersey for their expansion in the United States” highlighted Gross.
|SINCE GOV MURPHY’S ADMINISTRATION||+/- since 2018|
|FDI from Israeli||+ 400%*|
|Job creation||+ 1120 new jobs **|
|Overall Trade||+ US $311 million|
** represents 69% of all Israeli FDI-related job creation since the beginning of FDI Markets records being kept in 2003
“Based on our new trade and investment figures, I think 2022 is going to be a very good year for New Jersey – Israel relations as we work hard and receive a tremendous amount of support, friendship, and solidarity from our Governor, our Secretary of State and the Israeli Consulate in New York. The Israeli government has also recognized how strong this partnership is, and they are pushing forward as well. Both sides know what the potential is so we need to seize the opportunity now and continue to deliver great results in strengthening existing partnerships, expanding them and seeking new opportunities for 2022 and beyond,” Gross concluded.