Governor Doug Ducey announced that Arizona opened its first trade and investment office in Tel Aviv, Israel.
The new office is part of the Arizona Commerce Authority. It will serve as platform for businesses in both states to increase international trade and foreign direct investment opportunities.
The Arizona State Legislature approved the office’s funding in the state’s 2020 budget. David Ya’ari, an entrepreneur and business leader with an extensive background in technology and finance, is leading the office.
Since 2015 when Gov. Ducey led a trade mission in Israel, both states been working together to push revolutionary water policy and innovation in freshwater science.
Last year, imports and exports between Arizona and Israel more than doubled $460 million since 2010. Currently, 20 Israeli-owned companies are operating in the state. These companies are engaged in aerospace and defense, business and financial services as well as technology and innovation.
Arizona aims to boost its relationship with Israel
In a statement, Gov. Ducey said the newly-opened trade and investment office will further strengthen Arizona’s relationship with Israel. He said, “We look forward to increased collaboration in our shared areas of strength — technology and innovation, research and development, entrepreneurship and more.”