The New Jersey Economic Development Authority (EDA) and the Israel Innovation Authority (IIA) have signed an accord aimed at strengthening economic ties and bilateral technology partnerships between the so-called Garden State and the Startup Nation.
The memorandum of understanding signed in Israel over the weekend seeks to further develop and strengthen economic, technological and commercial cooperation and help identify opportunities for growth in the innovation economy by generating more partnerships, the two entities said in a statement.
EDA chief executive officer Tim Sullivan and IIA chairman Amiram Appelbaum, who also serves as the Chief Scientist for the Israeli Ministry of Economy and Industry, signed the memorandum in the presence of New Jersey Governor Phil Murphy and Israeli Consul General in New York Dani Dayan. This is Murphy’s first trade mission abroad, in his bid to create international investment opportunities in order to increase New Jersey’s global competitiveness and attract foreign direct investment, the statement said.
“The Garden State and Israel both have economies deeply rooted in innovation as well as brilliant scientists, researchers, and academic minds doing ground-breaking work across a broad spectrum of high-growth sectors,” Murphy said in the statement. “The New Jersey-Israel relationship already generates more than $1 billion in annual shared economic activity and we hope that, as a result of this MOU, that number will double, if not triple, in the years ahead.”
The MOU comes just three weeks after Murphy announced a strategic plan to create a stronger and fairer economy that focuses on re-establishing New Jersey’s position as an innovation leader. The plan calls for, among other things, using the power of innovation to create more and higher paying jobs across New Jersey.
“Governor Murphy has laid out a bold vision to reclaim New Jersey’s place at the forefront of innovation and the steps we have taken this week to partner with the IIA will forge collaboration and will open the door to new opportunities for New Jersey’s technology and life sciences companies,” Sullivan said in the statement.
The IIA is responsible for the country’s innovation policy, and helps develop Israeli innovation resources and its startup ecosystem.
During his visit to Israel, Murphy also finalized plans for Teva Pharmaceutical Industries Ltd. to set up its North America headquarters in Parsippany-Troy Hills, in New Jersey.
The Israeli drugmaker said in July that that as part of its global restructuring process, it will be moving its US headquarters from Pennsylvania to New Jersey. Teva was given a 10-year, $40 million tax savings incentive from the NJ Economic Development Authority to move forward with its plan, which requires Teva to bring jobs to New Jersey.
As part of the plan, Teva will expand its New Jersey location to nearly 350,000 square feet, and will host more than 1,000 high-wage jobs and the transfer and creation of more than 800 positions, Teva said in a statement on Sunday.