Gov. Phil Murphy and the New Jersey–Israel Commission yesterday announced strong and sustained levels of economic growth between New Jersey and the State of Israel between 2020 and 2021. Despite a turbulent period caused by the global pandemic, significant increases in bilateral trade and investment are reflected in newly released data from the New Jersey Economic Development Authority (NJEDA).
New Jersey’s strength as a global logistics hub, strategic location, highly educated workforce, and advanced economy are helping to drive this key relationship between two international sources of innovation. Data from the U.S. Census Bureau’s Foreign Trade Division and Foreign Direct Investment (FDI) Markets shows several positive and key developments from 2020 to 2021:
Additionally, the new economic statistics point to a trend of growth with Israel that has emerged since the beginning of the Murphy Administration in 2018 through 2021:
Increased exports to Israel from New Jersey ports were led by consumer products, medical supplies, natural materials, and organic chemicals. Increased imports from Israel included energy supplies, natural materials, and minerals.
The increases in overall trade along with sustained investment continue to demonstrate the strength of New Jersey-Israel economic relations and sustained growth over the past four years alongside global economic recovery following the COVID-19 pandemic. Israeli investments into New Jersey also showcases the Garden State as a focal point for innovative Israeli products and companies entering the U.S.
“I am excited to see the overwhelmingly positive results of our efforts to deepen our economic relationship with Israel, its business leaders, and its people,” Gov. Murphy said. “Since my first trip to Israel as Governor in 2018, trade has increased significantly, with Israeli businesses opening up shop in New Jersey, universities forging new partnerships, and exports and imports quickly increasing. This reflects the great work of the New Jersey-Israel Commission, the NJEDA, Choose NJ, and many other partners in our vision to grow our state’s innovation economy.”
“The 41% growth of New Jersey’s exports to Israel is impressive and plays a critical role in our bilateral trade,” said New Jersey Secretary of State Tahesha Way. “I look forward to strengthening our special relationship with Israel – a key partner to our state and its business community.”
“Israel is proud of its relationship with the great state of New Jersey, showing meaningful collaborations pay off for all sides, with a focus on bettering the lives of everyday people,” said Ambassador Asaf Zamir, Consul General of Israel in New York. “The increase in economic relations between Israel and New Jersey is not only natural, but it shows why people-to-people relations needs to be a priority.”
To access more business news, visit NJB News Now.Related Articles: