Massachusetts Governor leads delegation to Israel

Deval Patrick is here with executives from life sciences, renewable energy, and IT companies, as well as venture capitalists.

Massachusetts Governor Deval Patrick arrived in Israel yesterday with a large business delegation that includes executives from life sciences, renewable energy, and IT companies, as well as venture capitalists. The executives will meet their Israeli counterparts, as well as President Shimon Peres and Prime Minister Benjamin Netanyahu.

Patrick told "Globes" that, during his two terms as governor, he headed only two business delegations outside Massachusetts: one to China, and the other to California. The fact that Israel is the destination of the third delegation, together with the UK, shows "the great importance that Massachusetts attributes to its economic ties with Israel and its ambition to expand them."

Patrick added, "We very much want Israeli companies that are considering expanding their business to the US to consider us as their second home. We want exposure to Israeli science and technology. Israel is a powerhouse in intelligence, technological innovation, and venture capital. This is a winning combination with few competitors in the world. We want to be part of this picture. We have something to offer Israel, and Israel has something to offer us. We want our managers to know Israeli managers and scientists.

"I hope that this visit to Israel will initiate a process of mutual fertilization that will create joint ventures in outstanding fields in both states, including in the life sciences."

This is the second business delegation to visit Israel from Massachusetts. Former Massachusetts Governor William Weld headed the first delegation in 1997.

Massachusetts has one of the highest concentrations of Israeli companies in the US, mostly along Route 128 around Boston, also known as the East Coast Silicon Valley. The area houses 100 companies founded by Israelis, or which use Israeli technologies. These companies have 6,000 employees altogether and had $2.4 billion in aggregate revenue in 2009, the last year for which there is data.

The 32-member delegation will hold three forums with representatives of Israeli companies: a forum for investment in Massachusetts real estate; an IT forum; and a renewable energy forum. Massachusetts executives will also meet their Israeli counterparts in private meetings, many of which were arranged in advance. Patrick will meet El Al Israel Airlines Ltd. (TASE: ELAL) CEO Eliezer Shkedi.

Patrick said that the Governor's Office was seriously considering establishing a commercial attaché in Israel. If it is set up, Massachusetts will become the latest US state to open an office in Israel, following New York, New Jersey, Florida, Illinois, Indiana, Ohio, Virginia, Georgia, and Delaware, among others. The Israeli office would be Massachusetts' third foreign commercial attaché, following the two offices in China.

Patrick said that his office was aware of Israel's geopolitical risks. He said that he had considered postponing the visit because of the revolution in Egypt, but decided to go ahead, knowing that developments in Cairo had no direct effect on daily life in Tel Aviv.

Asked why it is worthwhile for an Israeli company to set up shop in Massachusetts, Patrick said, "We have the highest skilled and most professional manpower in the US, and our incentives package that we're prepared to offer foreign companies is very competitive."

Published by Globes [online], Israel business news - www.globes-online.com - on March 8, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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