As part of an effort to broaden Israel’s global economic reach, a declaration of intent was signed this week to establish a joint economic council between New York and Israel.
At a ceremony held in New York City, Israel’s Minister of Economy and Industry, MK Nir Barkat, and New York City Mayor Eric Adams signed the agreement, which aims to link Israeli entrepreneurship with the heart of the American economy.
Artificial Intelligence Leads the Way
The council will promote collaboration in fields such as artificial intelligence, fintech, life sciences, environmental technology, digital health, and more. It will support Israeli companies expanding into the New York market, assist startups in entering the local ecosystem, and serve as a platform for events, conferences, and partnerships with New York-based firms.
The council, which will include representatives from New York City and Israel’s Economic Mission to the U.S., is expected to operate on a permanent basis and serve as a central body for bilateral cooperation. According to Minister Barkat, “This is a significant step toward strengthening Israeli exports and increasing the presence of Israeli innovation on the global stage.”
A $2.3 Trillion Market
For the New York administration, the initiative continues a tradition of close cooperation with Israel, with a strong focus on mutual economic development. Mayor Adams emphasized that the council “will serve as a gateway for Israeli businesses and help them integrate into the local economy.”
Although the declaration is not legally binding, it reflects a mutual commitment to advancing strategic ties. It is part of a broader effort to deepen U.S.–Israel trade relations, which now exceed $53 billion annually. With a gross domestic product of $2.3 trillion, New York represents a key target market for Israeli companies—and the new council is expected to make access easier than ever.
