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Why a New Jersey delegation’s trip to Israel may have immediate economic benefits

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Teva Pharmaceuticals told New Jersey officials that it is considering increasing the number of staff at its North American headquarters in Parsippany. FinTech’s emerging giant Cross River Bank says the same for its location in Fort Lee.

And there are top gums that help turn prescription drugs into gummy bears for those who have trouble swallowing pills. The current two operations in the state said they are considering opening a manufacturing facility here in Choose.

Where did all these discussions take place? In Israel.

For those wondering why Choose New Jersey brought a delegation of 17 people to Israel last week, these examples are just a few of the answers, said Choose CEO Jose Lozano.

There’s nothing better than looking face-to-face with someone, Rosano said. It’s always the best way to show your commitment to a relationship. You can’t put value on it.

Or at the timing.

New Jersey was the last state to send a delegation to Israel before the country and the world were closed in March 2020, and was the first state to return this year. It was noticed, Rosano said.

He said it definitely struck a chord with people and businesses. I made many executives say they would come to New Jersey just because we came to them.

Those trips may happen soon.

According to Lozano, as many as 12 companies could visit in the first quarter of 2022. Commercial transactions usually do not give such rapid results. But that’s normal time, Rosano said.

It usually takes a year or two from meeting the company to coming to the store, but he says he is tired for nearly 20 months. I think you’ll see a quoteless win for New Jersey much faster.

Lozano did not reveal any particular companies that may be in progress, but said he hopes that interest will skyrocket in one sector. It’s a food innovation.

He said Israel is undoubtedly strengthening the game of food technology and food innovation. Due to climate change beginning to rain less in Israel and food insecurity around the world, Israel is far more positive about food technology.

Rosano said there’s a lot to offer in New Jersey, starting with the Rutgers Food Innovation Centers in both Piscataway and Bridgeton.

They are looking for a partner and when asked what we are doing at the Food Innovation Center, they are interested in how we support the development and production of our products and bring them to market. I’m asking if you are there. Not many states can offer it all.

The trip last Monday-Wednesday included a visit to Tel Aviv and Jerusalem.

The New Jersey business delegation included 17 members from organizations such as Choose New Jersey, the New Jersey-Israel Commission, the New Jersey Innovation Institute, New Jersey City University, and Rutgers University.

The delegation held important meetings with industry leaders and entrepreneurs, including representatives from the logistics, life sciences, technology and financial services industries, among others seeking growth opportunities in New Jersey.

Here’s why Lozano felt the trip was successful:

Rutgers and Tel Aviv University have signed a memorandum of understanding to form a joint research grant program. This program will strengthen cooperation between the two research universities and help TAU establish its presence in the hub of innovation, research and medical education. The state is under construction in New Brunswick. New Jersey City University and Ashdod Harbor have signed an agreement. The LOI will help strengthen economic relations between New Jersey and Israel, and between Ashdod Port and the NJCU community. Ashdod Port is Israel’s largest port in terms of cargo volume and is the main gateway to goods and cargo with Israel. NJCU and Ashdod Port aim to work together on projects that promote innovation, economic development and international education. SOSA Meetings and Startup Presentations with Clarit Innovation: Choose New Jersey. We met with SOSA member companies and participated in discussions with Clarit Innovation and university partners to discuss innovation in New Jersey. SOSA is a world-leading innovation platform that connects businesses, governments and cities to innovative technologies and ecosystems in areas such as cybersecurity, fintech and digital health. Clalit Innovation is Israel’s largest healthcare organization and a global leader in implementing innovative strategies for tackling chronic diseases. Israel Export Institute Food Technology Roundtable: Choosing New Jersey, the Ratgers University laboratory met with Israeli food and food technology companies to discuss New Jersey’s innovation ecosystem and investment opportunities. The event was hosted by the Israel Institute for Export International Cooperation, the best gateway for doing business with Israeli companies. Teva Pharmaceuticals Forum: Choosing New Jersey to meet with Teva Pharmaceuticals to discuss opportunities with New Jersey and international companies expanding into the United States. Teva Pharmaceuticals, a leading global pharmaceutical company headquartered in Israel, has more than 1,800 molecules and is directly present in 60 countries. Cross River Bank Roundtable: Choosing New Jersey Board Members Cross River seeks to further strengthen its long-standing partnership with New Jersey and expand its business with the fast-growing financial services leader Cross River in the United States. Hosted a networking reception to discuss corporate opportunities. Was founded in 2008 in New Jersey. Since then, the company has grown to more than 520 team members and plans to hire another 100 by the end of 2021. Ben Gurion University Conference and Tour: A delegation to choose New Jersey, Advanced Technology Park discussed opportunities for partnership with BGU. In March, BGU and the New Jersey Institute of Technology announced a partnership to establish a world-class Institute for Future Technology in New Jersey, offering dual degrees and new research opportunities. EY Business Roundtable: Choose New Jersey attended a roundtable with EY, Director of Choose New Jersey, and Jonathan Holloway, President of Rutgers, to discuss the life sciences and technology sectors of New Jersey. New Jersey’s innovation ecosystem is packed with early-stage, well-established life sciences and technology companies that are attracting Israeli companies that want to be part of a thriving business community.

Rosano said the trip will pay dividends over the years to come.

He said New Jersey and Israel have a really special relationship and Choose New Jersey is proud to lead another delegation to Israel to further strengthen the relationship and build new partnerships. The four consecutive trips to Israel have been very successful and have helped to strengthen collaboration and drive research and innovation. The innovation economy in New Jersey is strong and we look forward to furthering the progress of this visit.

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