NYC and Israel boost tech, commercial ties through new joint economic council

New York City and the State of Israel agreed on Monday to establish the New York City–Israel Economic Council, aiming to further strengthen their already strong commercial and technological ties.

NYC Mayor Eric Adams and Israeli Economy and Industry Minister Nir Barkat signed the non-binding declaration of intent, which will focus on environmental tech, life sciences and AI-driven business relations. 

"Today, our administration is proud to launch the New York City–Israel Economic Council to deepen economic ties between our governments and serve as a gateway to the U.S. market for Israeli businesses – forging partnerships with New York City companies; advancing innovation in areas like environmental tech, life sciences, and AI; and helping Israeli startups establish a home in the five boroughs,” Adams said. 

“Today’s announcement of a Declaration of Intent reflects a proud tradition of New York City mayors collaborating with Israel, and will drive innovation, create jobs, and strengthen the unbreakable bond between our two governments," the NYC mayor added.

The new bilateral council is further expected to reaffirm New York City’s solidarity with the Jewish state and against antisemitism, which has increased dramatically since the Hamas Oct. 7, 2023, massacre. New York City recently became the first major American city to establish an office that is dedicated to fighting antisemitism. 

Moshe Davis, the head of New York’s newly established Mayor’s Office to Combat Antisemitism, said the new council “represents both strategic partnership and moral clarity” with New York backing Israel and the Jewish people. 

“As antisemitism rises globally, New York City is responding with substantive collaboration in key sectors like environmental innovation and artificial intelligence. This council will not only drive opportunity and growth, it will demonstrate that the world's greatest city stands firmly with Israel and the Jewish people,” he explained. 

New York City’s annual Israel parade attracted some 50,000 participants on Saturday. New York State Governor Kathy Hochul who led the march, vowed that New York City would continue its efforts to secure the return of the remaining 59 Israeli hostages held by Hamas in Gaza. 

“We will not rest until these three words become a reality: Bring them home,” Hochul stated. 

The annual Israel parade began in 1965 and has become an important event where NYC Jews and friends of Israel display their solidarity with the Jewish state. 

There is already an extensive commercial and technological cooperation between New York City and Israeli tech companies. In April 2023, there were some 30 Israeli unicorn companies in NYC according to a United States – Israel Business Alliance (USIBA) report. A unicorn is defined as a privately owned business that is valued at one billion dollars or more. By comparison, there were only five Israeli unicorns in NYC as late as in 2019. 

“New York remains a financial and international hub that offers Israeli entrepreneurs a concentration of resources to build global companies,” USIBA president Aaron Kaplowitz explained. New York City has established itself as the city with the highest concentration of major Israeli tech companies outside Tel Aviv.