In meetings between foreign investors, Israelis, long-time and budding entrepreneurs, and innovators in the last few weeks in the US, one could often hear the following sentence: "The protest against the Israeli justice system reform is interesting and we are following what is happening in Israel, but business is business."
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It is very difficult for Israelis who arrived on the east coast of the "Land of Opportunity" to detach themselves from what has been going on in the last months in Israel; however, when it comes to doing business, political opinions are usually left outside the door.
It is customary to think of Israeli exports in terms of goods and services. The excellent defense industries that have given Israel a world-class name in air defense systems, missiles, protective measures, and the like have been presented to the world in recent weeks at the Paris Air Show. However, Israel is also a considerable exporter of high-tech, mainly to the huge American market. The export of high-tech from Israel to the US constitutes a main pillar of the total export of goods and business services to the US.
As of 2021, high-tech accounted for approximately 63% of Israel's total exports to the US. According to this data, high-tech exports from Israel to the United States experienced double-digit growth of 33% in 2021 and reached a volume of approximately $23 billion.
Video: Moshe Ben Simhon / Israeli high-tech workers protest
The connection between the Israeli companies, both new and well-established, was created thanks to the extensive activities of the Israel Export Institute and the Foreign Trade Administration. The institute is a non-profit association whose goal is to support and assist Israelis and those interested in exporting by building capabilities in developing business relationships, collaborations, and strategic partnerships with foreign entities.
Since its establishment in 1958, the institute has been a home for thousands of Israeli exporters and every year provides them with a variety of services and tools for international success. Establishing business relationships, information and consulting services, participation in international exhibitions and a variety of activities are just some of the assistance tools provided by the organization to Israeli companies.
Anat Katz serves as the Israeli economic minister to North America and is in close contact with the institute in Israel. One might imagine that the American dream for Israeli entrepreneurs is only in the Big Apple – or perhaps also Silicon Valley, Los Angeles, or Miami; however, one of the biggest hubs for Israeli companies in the US is actually New Jersey. With a large Israeli community and families who moved here alongside those who are already second-generation New Jersey residents –the largest hub of Israeli businesses is maintained in front of the touristy and glittering Manhattan.
One of the reasons for this is the recognition of the potential of the state of New Jersey. The state has created a unique representative whose role is to handle and promote business and economic relations with only one foreign country - Israel.
Andrew Gross, executive director of the New Jersey-Israel Commission, explained in an interview with Israel Hayom, together with Mark S. Levenson, the co-chair of the New York-New Jersey Israel Commission (and a well-established figure in the New Jersey-Israel ties), about the special relationship that as of lately has been bearing fruits.
"Many Israeli families come here not only because of the cost of living but actually mainly because of the community created in New Jersey", Gross explains the reasons Israelis choose to go to New Jersey instead of New York. "We are not coming to Israel to take any business or company, but here they get a framework that gives them the option to do business with North America and the East Coast." Minister of the Economy Nir Barkat held a host of meetings in New York with the CEO of the investment bank Goldman Sachs; the chief economist of the largest bank in the US and the world in terms of market value, JP Morgan; the Amazon AI team; Nasdaq President and CEO Adena T. Friedman; and with the president of Jefferies investment bank, Brian Friedman, and the bank's executives, in New York.
The minister presented the Israeli investment trends and talked with them about possible future forecasts for the Israeli economy.
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