*ISSUED BY CHOOSE NEW JERSEY
March 21, 2023
Choose New Jersey Opens Office in Israel, Strengthening Economic Relations in the Middle East
NEWARK, N.J. - Choose New Jersey, New Jersey’s leading nonprofit economic development organization, announced today the official opening of its new office in Israel. The New Jersey Israel Center will grow commercial, academic, and cultural collaborations with Israel and support Israeli businesses looking to expand to New Jersey.
The Center’s opening was celebrated during Choose New Jersey’s fifth mission to Israel since 2018 and is a direct result of New Jersey Governor Phil Murphy’s commitment to developing strong economic ties with Israel throughout his administration. The Center will be headquartered in Tel Aviv and led by Peres & Associates Global Advisory, a leader in creating global connections to the Israeli innovation ecosystem.
“The opening of the New Jersey Israel Center is the result of a special bond between New Jersey and the State of Israel,” said Governor Phil Murphy. “Through numerous trade missions to Israel and continued engagement with Israeli businesses, universities, and government, we have strengthened our shared cultural and economic ties. New Jersey offers an incomparable suite of opportunities, and we are eager to support Israeli businesses looking to expand to the United States. The New Jersey Israel Center is another significant link connecting us that will allow for sustained economic growth and easier business between our states.”
The New Jersey-Israel Commission, part of the New Jersey Department of State, supported the Center through a grant that was won by Choose New Jersey in 2022. The grant awarded funds to open an office in Israel to attract investment and business development leads for the state. The New Jersey Israel Center fulfills this mission.
“I am thrilled to announce the opening of this Center, which will undoubtedly deepen our economic relationship with Israel, its business leaders, and its people,” said Wesley Mathews, President & CEO of Choose New Jersey. “As we seek to grow New Jersey’s innovation economy, Israel will be a critical global partner for the state. I can think of no better team to lead the day-to-day operations of the office than Peres & Associates. I look forward to working with the team to strengthen existing partnerships and create new ones to the benefit of both of our states.”
“I am honored to represent New Jersey, a state that has strong economic and cultural ties and a firmly-established knowledge and respect for Israel, here at home,” said Nadav Tamir, of the Peres and Associates team that will head the New Jersey Israel Center. “Governor Murphy has planted strong roots in Tel Aviv and Jerusalem over the years. With the support of Choose New Jersey, I have no doubt that the New Jersey Israel Center will tap into the vast economic opportunity in Israel.”
Since the beginning of the Murphy Administration in 2018, foreign direct investment (FDI) between New Jersey and Israel has steadily grown. Trade is overall up $447 million, a 36% total growth since 2018. Year-over-year, trade between the two states increased by 11% in 2022. New Jersey ranked second in the Northeast in 2021 for Israeli investment, according to the U.S. Census Bureau. These investments have created 1,425 jobs from new or expanding Israeli companies, including Teva, Bluevine, Kornit Digital, and OwnBackup.
“The New Jersey Israel Center is an enormous success for the Murphy Administration and the people of both New Jersey and Israel,” said Karin Elkis, Co-Chair of the New Jersey-Israel Commission. “The opening of this office is a natural next step for our state, as we continue to advance our position in the global economy.”
“While New Jersey’s relationship with Israel transcends economic potential, we see on Israel’s 75th anniversary how this key partnership is creating jobs and strengthening innovation at home,” said Andrew H. Gross, Executive Director of the New Jersey-Israel Commission. “In addition to developing collaborations with Israeli businesses and New Jersey, the Murphy Administration continues to prioritize these important ties to Israel, built on our shared common values, across all sectors.”
“With the opening of the New Jersey Israel Center today, New Jersey continues to expand its presence in key economies across the world, increasing trade and investment possibilities for our residents and businesses,” said Mark Levenson, Choose New Jersey Board Member. “The enhanced New Jersey-Israel partnership creates even greater opportunities for our citizens to achieve their economic and educational goals.”
Companies have found success tapping into the economic ecosystems of both New Jersey and Israel. Cross River, headquartered in New Jersey since its founding in 2008, has a team of over 180 developers in Jerusalem. The industry-leading fintech company is a leader in bringing technology jobs to Israel. Cross River and Choose New Jersey have partnered to strengthen ties between New Jersey and Israel through investments in the Israeli workforce and to cultivate a technology ecosystem to create deeper connections and opportunities for the country’s startup businesses.
“Cross River has thrived in its home state of New Jersey and is committed to solidifying the bridge between New Jersey and Israel,” said Gilles Gade, Founder, President and CEO of Cross River. “The opportunities the New Jersey Israel Center will bring to businesses will further propel strong, compliant, and responsible economic relationships on both sides of the ocean.”
In January, Israeli fintech company Bluevine opened its headquarters in the business hub of Jersey City. Previously headquartered in California, the growing startup needed increased access to key financial markets as it continued its global expansion, which it found in abundance in New Jersey. Bluevine also announced a partnership with Rutgers University, which included internship opportunities for students looking to break into the fintech industry.
In 2021, Choose New Jersey supported and announced a Memorandum of Understanding (MOU) between Rutgers University and Tel Aviv University (TAU) during a trip to Israel with the New Jersey-Israel Commission. The MOU established TAU’s presence at the NJ Innovation & Technology HELIX, the home of the Rutgers Translational Research Facility and the Rutgers Robert Wood Johnson Medical School. Rutgers also established a partnership with Israeli company Tnuva, one of the world’s largest food manufacturers and a global supplier of kosher products, through the Food Innovation Center. Tnuva has its U.S. headquarters in New Jersey.
Choose New Jersey also facilitated an MOU between New Jersey Institute of Technology and Ben-Gurion University of the Negev with the support of Governor Murphy and the New Jersey-Israel Commission in 2021. Together they launched a collaborative research center called the Institute for Future Technologies in Jersey City that focuses on cyber security and environmental engineering. The Institute connects students and faculty from both schools, facilitating collaboration that has the potential to lead to tech breakthroughs.
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About Choose New Jersey, Inc. Choose New Jersey is New Jersey’s leading nonprofit economic development organization. We stimulate job creation and attract capital investment to grow New Jersey’s economy. We market New Jersey globally as the most ideal state in the U.S. to live, work, and play, and we guide businesses in establishing or expanding operations here. Our staff, supported by a network of state agencies and private partners, provide free, confidential assistance to guide companies in establishing operations in New Jersey. To learn more, visit choosenj.com.
About Peres & Associates Global Advisory
Peres & Associates Global Advisory (P&A) is a strategic consultancy and advisory firm, established in 2014 by Nobel Peace Prize laureate, former Prime Minister, and President of Israel, Shimon Peres. The firm follows the late leader’s vision of global collaboration between enterprises and nations. Peres and Associates aims to bridge the gap between global companies, institutions, and governments, as well as the Israeli tech ecosystem. Our goal is to help these organizations drive innovation by connecting them with the cutting-edge technology and expertise that Israel has to offer.