Posted on 06/28/2002 7:05:24 PM PDT by xvb
New York’s hi-tech industry remains confident in Israeli partner
By GWEN ACKERMAN
The state of New York’s business sector, which has had a long, fertile relationship with Israel, is standing by its veteran partner and has not been put off by the current geopolitical, economic or security situation, says the director of the New York State Trade Office here.
“I have 35 companies that I am working with at the moment from New York who are all anxious to develop relationships with Israeli companies and distributors and the like,” Gerry Stoch told The Jerusalem Post, noting that NY exports to Israel reach $2 billion annually. “There is such incredible support of the New York business sector.” But Stoch’s job is not just getting NY companies involved here.
He is primarily interested in bringing Israeli companies to New York to help establish a major hi-tech hub in the state and he is the principle matchmaker between local firms and the nanotech center in Albany, the supercomputer center in Rochester, a Buffalo-based research center for applications of medical and biotech products, and state-of-the-art hospitals interested in having Israeli companies do beta testing in-house.
New York does not insist that companies register in the state, says Stoch, who notes that for NY physical location is the most important.
New York has also set aside small business funds that will directly invest in Israeli companies who decide to make the move, just as long as the companies meet their criteria and can find additional investments from leading venture capital funds.
“There is a huge vote of confidence in Israel and its economy,” said Stoch. “Nobody believes Israel is about to disappear and therefore everyone is encouraging.” NY’s commitment to Israel is also reflected in the $10 million of its pension fund money that it recently put into Israel bonds, in which it has an outstanding balance of more than $75 m., said Stoch, who also noted that Israel is NY’s sixth largest trading partner worldwide.
Other US states, such as Virginia and Delaware, are also active in wooing Israeli companies to their shores.
It is not just about showing confidence in Israel or luring vaunted Israeli technology abroad. It is also about spurring local economies.
Israeli companies located in the United States pay municipal taxes, electricity bills, and other aspects of local economic activity.
Beyond that, they bring high- level employment opportunities to the local population.
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