A summit by the Michigan Israel Business Accelerator (MIBA), held Monday through Wednesday, brought together 80 leaders from the economic development, corporate, and government sectors involved in Israel-US business relations, the agreed to deepen economic and commercial ties between the two countries.
The summit ended Thursday with the signing of a Memorandum of Understanding (MoU) to establish "a national gateway for market intelligence, investment missions, Israeli business delegations, and joint technology pilots." MIBA also unveiled the creation of the US-Israel Innovation Exchange (USIIE).
This new initiative will unify several projects working on expanding commercial cooperation between Israel and the US into one nationwide platform, enabling it to accelerate the development of partnerships, cross-border investment, and job growth.
"US-Israel economic collaboration is vital to the growth and competitiveness of both nations,” said Mark Davidoff, CEO of MIBA. “For years, states have built successful economic development strategies without the power of a collective approach. USIIE turns those individual wins into a powerful, nationwide hub," he added.
The convention was held in Detroit and featured roundtables and keynotes on capital deployment, technology transfer, and Israel’s role as a catalyst for US regional economies.
“A strong US-Israel economic relationship is not simply a matter of trade; it’s also a strategic asset that strengthens innovation, competitiveness, and resilience,” said Chaim Martin, Israel’s economic attaché at the Israeli Embassy in Washington.
Israeli companies' $13.5 billion value in New York
The announcement also explained the impact of Israeli companies operating in the US, with data from the MIBA showing that Israeli companies in New York generated over 28,500 jobs and $13.3 billion in economic value.
Additionally, the MIBA said that, since its foundation in 2021, it has managed to connect over 5,000 business leaders and driven over $90 million in direct economic impact.
“We believe that the synergies created by the MOU will set the foundation to expand the already significant economic activity geometrically,” Davidoff commented.
The official statement by MIBA says that the USIIE will manage to mirror these achievements across the United States, with Howard Handler, Chair at MIBA, saying that "this is the beginning of a much larger economic movement."
“Our vision is to build the US-Israel Innovation Exchange into one of the country’s leading platforms for connecting Israeli innovation and American markets, industries, and communities,” Handler added.