The economic and commercial connection between Arizona and Israel will increase with the recent signing of an MOU between the Arizona Chamber of Commerce and Industry and the U.S. Chamber of Commerce’s U.S.-Israel Business Initiative. The two entities have pledged to work together to support ongoing economic initiatives and activities.
The two organizations will target four sectors for collaboration between Arizona and Israel: water, fintech, technology and startups, and defense and aerospace.
“Israel is the startup nation, and Arizona is the startup state,” said Glenn Hamer, President and CEO of the Arizona Chamber of Commerce and Industry. He indicated that Arizona and Israel are innovators “committed to solving 21st century challenges faced by both regions.”
Khush Choksy, senior vice president for Middle East & Turkey Affairs at the U.S. Chamber of Commerce hope the collaboration will help “attract new business investment from Israel to the U.S., promote innovation, and strengthen the ties between our two nations.”
Recently, a delegation of business leaders and representatives from the Arizona Commerce Authority traveled to Israel to explore new opportunities for cross-border collaboration, trade and investment. As a result of the MOU, both organizations committed to:
- Organize an Arizona-Israel water summit for later this year;
- Develop new joint R&D programs promoting research exchanges and information sharing between Arizona and Israel in water technology;
- Secure a memorandum of understanding between Arizona and the State of Israel focused on expanding trade and building new commercial partnerships; and
- Host conferences, delegations, and visits to Arizona and Israel that facilitate relationships between government, business, and universities.
The purpose of the partnership is to share best practices to successfully attract new business investment and to establish the proper regulatory environment to foster growth and development.