Choose New Jersey leads a delegation of nearly 20 representatives from businesses, universities, and non-profit organizations to increase economic ties between New Jersey and Ireland
DUBLIN, IRELAND – Choose New Jersey kicked off a multi-city business attraction mission across Ireland this week to increase economic ties between New Jersey and Ireland. The business delegation includes nearly 20 representatives from sectors as diverse as finance, education, health care and development. The delegation spent the day in Dublin, Ireland and will be in Cork, Ireland on Tuesday and in Galway, Ireland on Wednesday.
“We are excited to be in Ireland this week for New Jersey’s first of many engagements with our partners in Europe,” said Jose Lozano, President & CEO, Choose New Jersey. “Choose New Jersey is eager to showcase New Jersey’s diverse innovation ecosystem and make the case to the international community why New Jersey is the best choice for doing business.”
Ireland marks Choose New Jersey’s first business and participant led international business attraction mission. Ireland and New Jersey are closely aligned in their strategy to create an innovation economy, and both economies have thriving FinTech, life sciences, medical device and food industry economies.
“New Jersey and Ireland are natural partners, committed to fostering innovation and collaboration to drive economic growth and prosperity. We look forward to a great week as we build upon our relationship and identify new ways to collaborate,” Lozano added.
Ireland is leading the way in Europe and ranked one of the world’s most innovative economies, while New Jersey is cultivating an innovation ecosystem that is supported by higher education and a highly-educated workforce:
- Ireland is the fourth largest exporter of financial services in the European Union (EU), where more than 250 of the world’s leading financial services firms have operations.
- Similarly, New Jersey’s highly-educated workforce and strategic location make it the top choice financial services companies. The Garden State has also become an attractive location for companies in the emerging Financial Technology (FinTech) industry, a fast-growing sub-sector that utilizes technology to deliver next-generation banking, credit and investment services. Today, three of the world’s top 100 FinTech companies are headquartered in New Jersey.
- New Jersey has long been a strong partner for life sciences companies. New Jersey has a history that spans 150 years of developing life-saving medicine and is home to 12 of the world’s 20 largest pharmaceutical companies.
- Home to 18 of the top 20 pharmaceutical companies in the world, Ireland is a leading life sciences and medical device location.
Today’s events in Dublin included two roundtable discussions with key Irish industry leaders, along with a visit to Health Innovation Hub Ireland, a unique joint Irish government initiative between the business and health sectors.
Below is a summary of each event:
U.S. Commercial Service in Ireland/SelectUSA Key Industry Roundtable at Bank of America Merrill Lynch International
In the morning, Bank of America Merrill Lynch International hosted a roundtable with U.S. Commercial Service in Ireland and the U.S. Embassy in Ireland. Fifteen Irish companies participated in a thought-provoking conversation about New Jersey’s innovation ecosystem and opportunities for growth and partnership with Ireland.
“Bank of America is honored to be part of this exciting and important initiative to increase economic ties between the state of New Jersey and Ireland,” said Robert Doherty, Bank of America New Jersey market president. “Given the increase and growth of businesses in New Jersey, this collaboration and partnership will greatly benefit both economies and will help attract and retain workforce talent,” added Cathy Callahan, Bank of America New Jersey market executive for Middle Market Banking.
American Chamber of Commerce Ireland FinTech Roundtable Discussion at J.P. Morgan
The New Jersey business delegation participated in a FinTech roundtable discussion hosted by the American Chamber of Commerce Ireland (AmCham) at J.P. Morgan in Dublin, along with FinTech Ireland and U.S. Commercial Service. The roundtable included Ireland’s leading FinTech companies and organizations to discuss U.S. and Ireland economic connections, along with the growing FinTech cluster in Dublin and New Jersey’s innovation ecosystem. New Jersey presents a unique opportunity to international companies: the Garden State is the global gateway to the United States. New Jersey offers non-stop flights to almost anywhere in the U.S. and across globe – and is in the heart of the Northeast corridor, next to New York and Philadelphia – making it easy for international businesses to connect to employees, clients and customers.
AmCham is strongly focused on understanding the intersection between technology and finance – for the opportunities it presents to make Ireland a location of choice for this type of investment– and equally – the risks posed to companies who do not keep pace with this transformational change, explained Mark Redmond, CEO American Chamber of Commerce Ireland
“Fintech as a sector has the potential to radically disrupt financial services in ways that will change how people interact with each other in the coming decades,” Redmond added. “Getting financial innovation right is crucial to keeping Ireland ahead of competitor countries, that’s why we are delighted to bring members together to think about the growing dynamic environment between Irish and US software companies and more established banks and other financial institutions.”
Health Innovation Hub Ireland Tour
In the afternoon, the New Jersey business delegation visited Health Innovation Hub Ireland (HIHI) in Dublin. HIHI was established by the Department of Business, Enterprise and Innovation and the Department of Health, supported by Enterprise Ireland (EI) and the Health Service Executive (HSE) to drive collaboration between health service and enterprise. A unique joint Irish government initiative between the business and health sectors, HIHI works across the health sector with Irish businesses to creatively solve problems and improve care, connecting business innovation with healthcare to develop the next generation of Irish medical technology.
The Irish government has identified the medical technology sector as one of the key drivers of industrial growth for the future and provides a wide range of supports to encourage and foster this growth, not least Health Innovation Hub Ireland (HIHI). Connecting new products with people qualified to test them – industry and clinical teams – through usability, pilot and validation studies, supports the development of new healthcare technologies, in real life clinical settings, explained Eimear Galvin, Manager, Health Innovation Hub Ireland.
“Ireland is ideally placed to be a world leader in the provision of total connected health solutions. We have a highly networked ecosystem and the industry expertise required to embrace the convergence between health and the Internet of Things (IoT), which is the future of healthcare globally,” Galvin said.
Throughout the trip, the delegation will be showcasing New Jersey’s innovation ecosystem and why New Jersey is the best place for the international community to do business.
About Choose New Jersey
Choose New Jersey, Inc. is a privately funded non-profit economic development organization charged with encouraging and nurturing economic growth throughout New Jersey. The organization offers companies that locate or expand their operations in the State a variety of complimentary services including market intelligence, site visits, State assistance information and connections to a wide range of public and private professional services. For more information, visit www.choosenj.com.