On Israel’s 72nd Independence Day, the New Jersey – Israel Commission joined in celebration by showing that the relationship between the Garden State and the Startup Nation has never been stronger and is benefiting New Jerseyans by bringing jobs and opportunity to our state. Trade between New Jersey and Israel notably increased from 2018 to 2019, alongside steady investments from Israel.
“I was proud to visit Israel in 2018 and seek out innovative opportunities for our state. Especially as they reach their historic 72nd anniversary we see how our relationship with Israel remains so important. I’m glad to see it is resulting not only in a stronger bond between our communities, but in real economic growth that will continue to propel our state forward,” said Governor Phil Murphy.
Trends in the data point to higher exports from New Jersey to Israel and larger amounts of foreign direct investment from Israel moving into New Jersey with several positive ranking changes. The new numbers paint a picture of a symbiotic relationship.
Data from the Census for Trade and fDI Markets shows several positive developments from 2018 to 2019 unless noted otherwise by year:
- New Jersey moved from 3rd to 2nd place as a recipient of Israeli greenfield foreign direct investment (FDI) in the Northeast and received the 4th largest amount of inward FDI from Israel between 2015-2019 amongst all US states.
- Within the United States, New Jersey moved from 7th to 6th place as an exporter to Israel with the total value of exports increasing by $33M.
- Israel moved up from 13th to 12th place between 2015 and 2019 as an international source of greenfield FDI in New Jersey.
- Israel jumped two positions from 31st to 29th as the largest international trading partner of New Jersey.
- New Jersey remains the 5th largest importer from Israel amongst the US states.
- Overall two-way trade between New Jersey and Israel increased by approximately $32.5 million.
- Of all the US states, Israel received the 4th largest amount of FDI from New Jersey between 2015-2019.
Despite the global economic challenges being seen in 2020 due to the impact of COVID-19, last year’s trade statistics point to growing trade prior to the onset of the crisis.
“Under Governor Murphy’s leadership, we’ve been working hard to fulfill his vision to reclaim New Jersey’s place at the forefront of innovation and bring foreign domestic investment into the Garden State,” said NJEDA Chief Executive Officer Tim Sullivan. “The economic importance of our relationship with Israel cannot be overstated, and I look forward to continued partnership and growth in the months and years ahead.”
The positive information seen in today’s announcement reflects New Jersey’s commitment shown since the onset of the Murphy Administration for its special relationship with Israel, including visits by the Governor, Secretary of State Tahesha Way, Choose New Jersey, and other senior officials.
“Israel remains a key partner to our state and the work of the New Jersey – Israel Commission is taking this relationship to the next level,” said Secretary of State Tahesha Way. “My visit to Israel at the end of last year and interaction with Israel’s Consul General, Ambassador Dani Dayan, only confirmed that we must continue to develop New Jersey’s partnerships with Israel.”
Ambassador Dani Dayan, Consul General of Israel in New York remarked, “As Israel celebrates 72 years of independence, we are proud to call the State of New Jersey one of our most steadfast friends. Economic investment is only one example of the many ways in which our unwavering friendship knows no bounds.”
In 2019 Governor Murphy and Secretary Way announced a new effort to enhance the role of the New Jersey – Israel Commission while strengthening and modernizing its mandate. The Commission, which oversees New Jersey’s relations with Israel, is continuing to seek opportunities to enhance trade and work with partners in state government and beyond to ensure that this successful partnership with Israel grows even stronger in the years to come.
Andrew Gross, Executive Director of the New Jersey – Israel Commission, stated, “I’m proud to see these new trade numbers reflect an important reality that our state’s relationship with Israel is bringing such tangible benefits. On Israel’s 72nd Independence Day we celebrate this milestone not only by reflecting on New Jersey’s historic connection with Israel but in showing that our shared future has incredible potential.”
Jose Lozano, President & CEO of Choose New Jersey said “Choose New Jersey was proud to lead a business attraction mission to Israel in February which created opportunities for economic growth both in New Jersey and Israel. The new data today reflects what we already know – Israel is increasing investment in our State with our shared focus being on innovation-driven industries.”
“These terrific trade results reflect the tremendous effort and personal support of the Governor and his administration; our close collaboration with Choose New Jersey and the New Jersey Economic Development Authority; and our longstanding productive working relationship with our Israeli partners,” said Mark Levenson, Chair of the New Jersey – Israel Commission. “The appropriate investment of the necessary resources and our annual business trips and meetings in Israel have helped achieve these significant results as those who compete with us are neither shy nor do they shrink from pursuing these same opportunities that we are. I am proud to be helping in this effort.”