12/17/2013
Gov. Malloy: Economic, Scientific Collaboration With Israel Will Strengthen Conneticut's Global Competitiveness
Trade Mission Results in Memorandum of Understanding Between DECD and Israel Tech Transfer Organization
(HARTFORD, CT) - Governor Dannel P. Malloy announced today at the MetroHartford Alliance's "Rising Star Breakfast" that the state Department of Economic and Community Development (DECD) and the Israel Tech Transfer Organization (ITTN) have entered into a Memorandum of Understanding (MoU), the first step in laying the foundation for better and more productive economic and research collaborations between Connecticut and Israeli businesses, research institutions and universities.
"In order to solidify our long-term economic growth, we must also increase our global competitiveness by partnering with innovative companies and industries outside of our traditional domestic market," said Governor Malloy. "We are making sure that industry leaders all over the world recognize what we have to offer here in Connecticut and letting them know our state is a great place to enter or expand in the North American market. This exciting collaboration between DECD and ITTN will allow Connecticut companies to expand their capacity for research and development of new products and technologies while bringing additional investment and economic activity to our state."
Earlier this month, DECD Commissioner Catherine Smith led a trade delegation , comprised of businesses and area economic development officials, to Israel to facilitate business matchmaking and networking opportunities, with particular focus on the state's top growth sectors, such as aerospace, clean energies, biotechnology, finance, insurance and precision manufacturing. The MoU, which was signed during the trade mission, allows DECD and ITTN to assist Connecticut and Israeli companies with finding prospective partners to work with on R&D activities, manufacturing, collaborative research, and pre-clinical and clinical studies.
"As a strategic partner, Israel is filled with innovation, entrepreneurship, talent and pioneering technologies. This MoU establishes the basis for a long-term relationship that will increase collaboration and investments in key areas such as research and development, science and manufacturing," said Commissioner Smith. "Creating opportunities for Connecticut businesses is exactly why we undertake business development missions to countries like Israel."
ITTN is a private non-profit organization and serves as the umbrella organization for Israel's technology transfer companies, which are responsible for a large portion of the scientific and technological innovation stemming out of Israel. ITTN's 15 partner organizations are affiliated with leading research, hospitals and educational institutions, such as the Weizmann Institute of Science, The Hebrew University in Jerusalem, The Technion and Tel Aviv University.
"ITTN is proud of the collaborative agreement that is being executed today with the state of Connecticut," said ITTN Co-Chairman Amir Naiberg. "We hope that universities spinout companies looking for a soft landing in the United States, while connecting to potential partners, investors and customers, will benefit from this collaboration."
The five-day trade mission also gave economic development leaders a chance to promote the advantages of investing and doing business in Connecticut. Commissioner Smith hosted Connecticut Day in Israel, a half-day event that highlighted Connecticut's talented workforce, business environment, and economic development programs. The trade mission was organized by DECD in partnership with the Jewish Federation of Greater Hartford, MetroHartford Alliance, U.S. Department of Commerce, and the Israel Economic Mission to North America.