“I am excited to finalize this agreement, which will help Pennsylvania work closely with the Israel Innovation Authority to support startups from Israel and shepherd joint ventures between Israeli companies and Pennsylvania companies,” said Secretary Davin. “Governor Wolf and all of us at DCED look forward to using this agreement to work more closely with Israel.”
The agreement will strengthen Pennsylvania’s relationship with the IIA, a semi-independent authority within the Israeli Ministry of Economy. It will help DCED work with the IIA to find innovative companies in Israel and attract them to Pennsylvania, boosting the commonwealth’s economy and creating jobs. In 2016 alone, more than $4.3 billion in two-way trade occurred between Pennsylvania and Israel.
“This historic agreement will strengthen the commercial ties between Innovation Nation and the Commonwealth of Pennsylvania,” said Vered Nohi, Executive Director of the Philadelphia-Israel Chamber of Commerce. “It will facilitate joint ventures, accelerating ingenuity and commercialization. Not only it will grow both economies, but also attract more Israeli companies to call Pennsylvania their U.S. home. What a great day for members of the Philadelphia-Israel Chamber of Commerce.”
The agreement will also serve to highlight Pennsylvania’s existing capabilities and programs through DCED’s Office of International Business Development (OIBD) that help attract businesses from dozens of countries to the commonwealth. OIBD serves as the agency’s primary arm for fostering trade and investment around the globe, acting as a liaison with foreign companies and governments. OIBD opens the door to Pennsylvania amid ever-increasing competition between the states for overseas investment. In FY 2016-17, approximately 9,000 jobs were supported by OIBD’s programs and services.
For more information visit the DCED website, and be sure to stay up-to-date with all of our agency news
on Facebook, Twitter, and LinkedIn.
Michael Gerber, DCED, 717.783.1132