Global NY to lead trade mission to increase exports, number of businesses that export in New York
Israel is New York’s 5th-largest export market
Empire State Development announced Global NY will lead a trade mission to Israel from March 25-28. Global NY is New York’s gateway for both local businesses interested in exporting internationally and foreign businesses looking to invest in New York. The trade mission will strengthen economic ties with Israel by helping to increase exports and the number of businesses that export in New York.
ESD President, CEO and Commissioner Howard Zemsky said, “Israel is known as the ‘Startup Nation,’ and this upcoming trade mission presents a unique opportunity for New York state businesses to gain access to this major international hub of innovation and technology.”
The trade mission includes stops in Tel Aviv and Jerusalem. Each participating company will receive a customized schedule of meetings with prospective customers and/or business partners and will benefit from group networking events. Eligible businesses can also receive reimbursement from Global NY’s state trade expansion program (STEP) for travel and lodging expenses, as well as the $1,000 trade mission fee.
Participating businesses represent diverse sectors and regions from across the state, including optics and imaging companies from the Finger Lakes and Mohawk Valley, advanced manufacturing companies from Long Island, Mid-Hudson and Western New York, and a marketing firm from New York City. Several of the companies supply goods and services to the aerospace/defense/homeland security, alternative energy, life sciences, electronics and communications industries.
STEP is a Global NY program that is funded in part through a grant from the U.S. Small Business Administration to increase the number of businesses entering the export market, and to increase the value of exports businesses are already producing. Grants are offered to qualifying small and medium-sized businesses for a range of purposes, including participation in foreign trade missions.
Global NY organizes trade missions each year to help New York’s small- to mid-sized companies export overseas as well as encourage foreign companies to invest and grow their businesses in the state. In 2018, Global NY led 37 companies on trade missions to Mexico, Germany, Canada and China. Israel is currently New York’s fifth-largest export market and a key global hub for technology and innovation. The country’s GDP growth was 3.4 percent in 2017. Trade between the U.S. and Israel has increased eight-fold since the signing of the Free Trade Agreement in 1985, leading to the elimination of virtually all trade tariffs.