The Murphy administration and the Israel Innovation Authority inked an agreement aimed at strengthening economic ties between the “innovators” and tech industries of Israel and New Jersey, the governor’s office announced Sunday.
Tim Sullivan, CEO of the New Jersey Economic Development Authority, signed a formal memorandum of understanding with IIA, an arm of the Israeli government aimed at boosting industrial research and development and the innovation economy within the country.
Sullivan, who took the helm of the EDA in February, joined Gov. Phil Murphy and senior administration officials on a nine-day trip across Germany and Israel, aimed at boosting economic ties between New Jersey and the two nations and attracting businesses and investment from those countries into New Jersey.
Murphy said that New Jersey’s existing relationship with Israel already amounts to $1 billion annually in “shared economic activity,” which could increase under the agreement.
“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 Sunday in a prepared statement.