NH Plays Key Role in Trade with Israel

NH playing key role in trade with Israel

  •   Article in New Hampshire's Union Leader
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    During the 50-day military operation in Gaza this past July and August, when Israel's tourism typically booms, our economy appeared to come to somewhat of a standstill. The total impact on the tourism industry, widely considered to be our bread and butter, was at least $566 million after tourism dropped by 26 percent.

    It would not be implausible to measure recuperation time for our economy in months, if not more. Finance Ministry officials predicted the gross domestic product would grow at an average rate of 2.8 percent in the coming year.

    However, these same officials are now expecting Israel's GDP to expand by nearly 4 percent. Tourism figures for 2014 remained on par despite the lackluster summer due to a particularly robust start to the year, and the fourth quarter of 2014 yielded a 7.2 percent rate of growth, Israel's best quarter since 2008.

    It may come as a surprise to some, but the resilience of our economy has been well known within the New Hampshire business community, which has been part of a robust relationship with Israel for years.

    As recently as 2013, New Hampshire ranked in the top 20 states in terms of trading with Israel. Companies in New Hampshire have benefited from more than $1.1 million in Binational Industrial Research and Development foundation grants and over $500,000 in grants from the Binational Science Foundation.

    In 2008, Bentley Pharmaceuticals of Exeter was purchased by the world's largest generic pharmaceutical manufacturer, Teva (based in Tel Aviv). The partnership aided Teva to branch out into U.S. markets and internationally as well.

    In January, Portsmouth firm Bottomline Technologies acquired Intellinx, an Israeli company that produces anti-fraud platforms that record key strokes and screen views. This technology has played an important role in lowering the costs of complying to healthcare and anti-money laundering regulations.

    These examples have become commonplace. From medicine to biotech, from venture capital to startups, Israel's business landscape looks very similar to New England's. For that reason, and for many more, we are excited to usher in a period of previously unmatched connection between our two regions.

    For nearly 30 years, it has been the objective of many in the field to restart nonstop flights between Logan International Airport and Israel's Ben Gurion International Airport - and now the wait is over; the first El Al flight is scheduled to take off June 28, and thereafter passengers will be able to fly the route three times a week.

    Many people have labored toward this goal for years, the lion's share done before I assumed my post as consul general in early 2014. The bilateral benefits of this exciting development are immense - the most obvious are the decrease in flight time and the elimination of layovers.

    Passengers bound for Tel Aviv will no longer have to concern themselves with landing on time or becoming separated from their luggage.

    What may be most important, however, is that families and friends of those living on both sides of the Atlantic will finally have a comfortable and more efficient way to stay connected.

    The business community will especially benefit from this new service - international logistics can now be simplified with the introduction of nonstop flights. Israeli and American entrepreneurs will be able to do business in a much shorter period of time than what was previously possible.

    Yehuda Yaakov is Israel's consul general to New England.​